Deyaar to launch two new projects in 2013

Dubaiconstruction  stepnoutDeyaar has plans restart some developments that were put on hold when the Emirate’s property bubble burst in late 2008. (Image source: stepnout/Flickr)Dubai-based real estate developer Deyaar Development is set to launch two new projects in the city’s Business Bay area in the second half of 2013

According to a report in Gulf News, the company’s chief executive, Saeed Al Qatami said that the company also intends to restart some developments that were put on hold when the Emirate’s property bubble burst in late 2008.

"Dubai’s Business Bay is our main target area for projects. We will be announcing two projects there before the end of the year," said Qatami "One project is completely funded while for the other project we are still finalising the cost."

Deyaar was one of a number of Dubai developers that struggled in the wake of the global financial crisis in 2008 that sent real estate prices in many parts of the city into freefall.

“We’ve been cautious after the crisis. We don’t have any issue when it comes to acquiring future financing and our financial stand is strong. Our liability to assets ratio is very small,” Qatami said, adding that the company does not need to tap debt markets to help fund its projects.

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