Bonyan expects Dh10b portfolio in three years

Dubai: Abdullah Attatreh, chairman of Bonyan International Investment Group (Holding) expects his company's portfolio to reach Dh10 billion in three years.

Bonyan's total portfolio in Dubai stands at Dh3 billion on a built-up area of over 40 million square feet.

At the International Property Show (IPS) 2008, Attatreh said they expect to attract Dh1.5 billion worth of investment during the three-day event.

Bonyan's Rose Tower hotel is set to be the tallest in the world when it launches in the next two months, standing at 333 metres.

A mixed-use residential and commercial project will be launched in Ajman within a month at an investment value of Dh1.5 billion.

Attatreh said, "One big project will be launched in Abu Dhabi this year."

"We've finished restructuring our business model plan for the next five years. We're entering Kurdistan, Oman and Saudi Arabia. In this time, our portfolio in the UAE and outside will reach Dh15 billion.

"We want to be one of the first real estate developers to enter northern Iraq. There is a big demand to build there, especially now that it is secure," said Attatreh. "In Kurdistan, we're working with Al Hanthal group as it's a strong financial partner."

This mega real estate project called Bonyan Al Sulaimaniya City is due to be launched in around 45 days. Spread over a million square feet, the first stage is expected to be completed by 2010. Bonyan and Al Hanthal will create a new company Bonyan Kurdistan to work on the project.