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Deyaar to go Public

Deyaar, a fast growing real-estate company, today announced plans to go public. The company has applied to the Ministry of Economy to launch an Initial Public Offering (IPO) in the first half of 2007, subject to all regulatory approval.

Deyaar, a fully owned subsidiary of Dubai Islamic Bank and following Shariah principles, is a leading local and regional real estate developer, based in the UAE. Since the full scale launch of its operations in 2003, Deyaar has evolved as UAE’s largest non-master developer. Deyaar has over 17 residential and commercial projects across UAE, Lebanon and Turkey. Projects are also planned in Kazakhastan and India.

Deyaar manages the largest portfolio of third party properties with over 16,000 units in UAE. Aside from this, it also offers professional brokerage services to its customers, making it a one-of-its-kind property player in the country, said a spokesman.

only catalyse Deyaar’s growth in key business areas but will also provide investors an opportunity to participate in its growth. Deyaar’s growth has been spectacular, with net profits rising from Dh75 million and Dh140 million in 2004 and 2005 respectively to Dh412 million in 2006.

Shuaa Capital has been appointed as lead manager, financial advisor, and book runner; while Millennium Finance Corporation has been appointed as the co-lead manager for the IPO.

Highlighting Deyaar’s core strengths, Dr Mohammed Khalfan Bin Kharbash, chairman of Deyaar and UAE Minister of State of Finance and Industry, said: “Deyaar’s dynamic growth has been driven by its thorough understanding of the customer’s requirements and the dynamics of the property market. The company is now fully geared for aggressive expansion internationally either through joint ventures or direct participation, besides also providing quality products and services in the local and regional markets. The proposed IPO will mark a milestone in Deyaar’s growth curve.”

Commenting on Deyaar’s success, Zack Shahin, chief executive officer, Deyaar, said: “Deyaar’s success is built on strong business and commercial principles. The company constantly strives to enhance the value it provides to its customers, tenants, landlords and business partners. Deyaar prides itself in completing sales of its projects within days of new launches, which is reflective of the value and trust that customers place in the company.”

Recent land acquisitions in the UAE have raised Deyaar’s total land bank to over Dh3 billion. Acquisitions in the UAE now account for Dh2.3 billion, with the balance being in overseas markets. Deyaar has identified Saudi Arabia, India, Turkey and Kazakhstan as potential markets for investment. -(TradeArabia News Service)

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