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Deyaar’s capital base increases AED 1.56 billion
- February 19, 2007, 11:26 am
Setting the tone for its strategic expansion in key markets, Deyaar, a 100 per cent subsidiary of Dubai Islamic Bank and the region’s fastest growing real estate company, today announced a 56 per cent increase in its capital base to AED 1.56 billion from AED 1 billion.
The increase in capital is the first in the series of initiatives being taken up by Deyaar to reinforce its portfolio of real estate investments in 2007. Deyaar, last week, reported a phenomenal growth of 192% in net profits for 2006 besides also announcing a strategic foray into Saudi Arabia, India, Kazakhstan and Turkey.
Terming the initiative as significant, Dr. Mohammed Khalfan Bin Kharbash, Chairman of Deyaar and UAE Minister of State of Finance and Industry, said, ‘The hike in capital heralds a new phase of growth for Deyaar. The company has grown steadily, with net profits rising from AED 75 million in 2004 to AED 412 million in 2006. It’s time to build on this overwhelming success by widening Deyaar’s presence both in the region as well as in international markets. The increase in capital creates a solid base, enabling Deyaar to augment resources required for its extensive growth plans.’
This is the second time Deyaar is scaling up its capital base. In 2006, the company had hiked its paid up capital by 100% to AED 1 billion from AED 500 million. Its impressive growth plans in 2007 have necessitated a further hike in capital.
Commenting on the initiative, Zack Shahin, Chief Executive Officer, Deyaar, said, ‘Deyaar has been on the forefront of property management and development in key Middle Eastern markets. The success of Deyaar weaves in our intense understanding of the market, customer lifestyles and investors’ needs. Going forward, Deyaar plans to widen its palette of projects, offering investors and clients a share of the dynamic growth witnessed by the world’s most active real estate markets. ‘
‘The hike in capital base reflects the confidence our shareholders place in Deyaar. It also marks a crucial step in this direction and will help mobilize funds required for our proposed expansion,’ Shahin said.
To date, Deyaar has launched 17 real estate projects across the UAE, Lebanon and Turkey. The year 2006 saw the launch of its most premium towers - Citadel tower, Churchill - Executive & Residency and Burlington, all located on Business Bay - and an expansion in range of real estate services.
Deyaar has acquired land worth AED 2.3 billion in prime master development plans such as Business Bay, Dubai Waterfront, Limitless, Dubai Silicon Oasis etc. Deyaar has the largest portfolio of real estate under management in the UAE.
An end-to-end real estate solutions provider, Deyaar’s cost to income ratio has remained consistently lower than the industry average, while the Return on Capital is among the highest in the real estate sector.
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