Burooj plans to float shares late next year

Dubai: Burooj Properties, a subsidiary of Abu Dhabi Islamic Bank, will be floated late next year through an initial public offering (IPO), a top official said.

The company, which is currently valued at between Dh2.5 billion to Dh3 billion, is expanding in Egypt and Algeria.

"We expect to go public through an IPO by the end of 2009," Adel Ahmad Al Zarouni, managing director of Burooj Properties, told Gulf News on Tuesday.

"If you ask me the value of the company, today I would say it should be between Dh2.5 to Dh3 billion."

He said the company is expected to exceed Dh50 billion portfolio within the next few months.

"We currently have three projects under planning and development in Abu Dhabi. These include two towers valued at Dh600 million and Dh500 million, while a cluster of 80 villas are valued at Dh500 million - totalling Dh1.6 billion," he said. "Besides, we have built two hotels in Dubai, operated by Millennium and Coral."

These are in addition to the Dh15 billion Sharjah Marina and the company's signed project in Egypt.

"We have signed up for a large development in Egypt spreading across 840,000 square metres of prime land," he said. "We are also expanding in Algeria and looking at prime lands for development."

Sharjah Marina

Burooj Properties will develop a Dh15 billion mixed-use project, Sharjah Marina, that will host 11 towers, two hotels and retail facilities, including a large shopping mall.

"The project will take up to eight years to complete, although the first phase will be delivered in four years," Adel Ahmad Al Zarouni said.

The project will host a 70-storeyed commercial tower and 10 residential towers with one-, two-, and three-bedroom apartments as well as three resort hotels with 1,215 rooms and suites.