Durar aims to earn 40% of revenue from Dubai projects

Durar Properties, a Saudi-based real estate developer, said yesterday that the well-regulated property market in Dubai will help them earn higher returns on investment compared to the Kingdom.

"We expect to make 40 per cent of our revenues from our developments in Dubai," Mohammed Miqdadi, General Manager of Durar Properties told Emirates Business.

He said the firming up of real estate laws in the emirate was making Saudi investors increasingly look towards this market.

"Previously investors from Saudi Arabia were always considering making a quick return from this market. But now they are looking at Dubai with more 'serious' intentions."

Durar Properties is a joint venture between UAE-based Ali & Sons and a conglomerate of Saudi-based real estate and property investment groups such as Zuhair Al Habib, Saleh Al Habib Investments and Al Mutawa Investments, who own 70 per cent stake.

The realty company plans will launch three projects in Dubai by the year-end with their maiden venture – Durar 1 – a twin-residential development worth Dh250 million being launched on Tuesday in Dubailand.