Deyaar doubles capital to Dh1b in plan to diversify

Dubai: Deyaar, the real estate subsidiary of Dubai Islamic Bank, has announced a 100 per cent increase in its paid up capital from Dh500 million to Dh1 billion.

This decision was recently approved by the boards of directors of Deyaar and its parent company, Dubai Islamic Bank (DIB), respectively.

Dr. Mohammad Khalfan Bin Kharbash, chairman of DIB, said: "The decision to double Deyaar's capital underlines the company's healthy performance and speaks for the confidence that shareholders repose in Dubai Islamic Bank and Deyaar. An increased capital base will facilitate Deyaar's investment in lucrative real estate markets and ensure profits for its principal shareholders."

Explosive growth

The enhanced paid up capital will boost Deyaar's ambitious plans to diversify and expand its property development and management operations in newer markets in the Middle East, North Africa and Europe. The company's high-quality projects, expert services and market credibility have helped it gain a committed clientele and widen its base of investors and customers in the region and beyond.

Zack Shahin, CEO of Deyaar said: "We are delighted with the increase in Deyaar's paid up capital as this will enable the company to benefit from the explosive growth in the regional construction and real estate sector. Deyaar has embarked on a major expansion plan, investing in new projects in the UAE, Lebanon, Turkey and Sudan. We are also scouting for investment opportunities in Saudi Arabia, Qatar and Eastern Europe."

Deyaar manages over 16,000 residential and commercial units across 700 buildings in the UAE that generate over Dh300 million of rental income for property holders, and provides leasing, maintenance and brokerage services for residential and commercial properties.