DUBAI: Dubai’s second-largest property developer, Deyaar, plans to launch two new projects this year, its chief executive said yesterday, adding to a series of project announcements in the emirate as it recovers from a property market crash. One of Deyaar’s new projects, a residential development in the Business Bay area of Dubai, will be worth about Dh500m ($136m), Saeed Al Qatami said at the opening of the company’s new office in the area.
He said the second project was still being finalised, and gave no details of it. Deyaar was one of several developers hit by Dubai’s real estate market crisis, which saw prices drop by over 50 percent over several years from their peak in 2008. The market began recovering last year. “A number of our projects were put on hold after the crisis. But we still have the good land bank and are looking to revive projects,” Al Qatami said.
Reuters
