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16 April 2024

Al Rayan to invest Dh6bn more in realty

By Abdul Hai Mohammed

Al Rayan Investments Company has projects worth Dh2.5 billion under way and is looking to expand in the real estate sector, said its board chairman.


Fardan Al Fardan also told Emirates Business that Al Rayan is currently studying potential additional investments, mostly in the property market, worth Dh6bn. The projects would be executed over the next three years.


Outside the company’s base in Abu Dhabi, Al Fardan said Al Rayan is looking to diversify beyond the real estate sector, linking up with strategic partners.


He said: “Currently some 90 per cent of our investment is in real estate. But in the near future most of our investments will focus on sectors such as industries, education, health and other services.” Al Rayan, which has a paid-up capital of Dh500 million, will finance its major projects through combining its capital with bank finance.


“We are also looking for real estate finance, financial institutions and partners to contribute to the big projects.”


The company’s four major real estate projects under construction include the Dh850m labour housing city at the industrial area of Al Musaffah; a temporary residence to be built for some 32,000 workers that will cost Dh418m.