Khoie Properties plans DIFX listing by 2010

Khoie Properties, the real estate arm of the Khoie Group, plans to list on the Dubai International Financial Exchange (DIFX) by 2010, a top executive said.

"Our paid-up capital is expected to reach Dh3.65 billion by 2010, while the company is expected to be valued at Dh15bn. We will offload one third to the public," said Frank Khoie, Chief Executive of Khoie Properties.

"By going public there is an enormous amount of legitimacy. There is an immediate access to public funds in order to raise more capital for a company without having to borrow from a bank and pay interest."

The company is also looking at a dual listing in London's AIM, Khoie added. The group is a $2 billion (Dh7.34bn) conglomerate with a number of subsidiaries under its management.