Deyaar sets strategy for 2009, to back investors

Deyaar Development said yesterday its board has decided not to distribute dividends or bonus shares for the financial year 2008.

The board approved last year's financial statement and its proposed strategy for 2009, Deyaar said in a statement on the Dubai Financial Market yesterday.

It also approved a suggested plan to support company investors in facing the financial turmoil.

Deyaar said in February it will hand over seven projects in 2009, including developments in master-planned communities in Dubai. The handover will include over 1,300 units from across its diverse project portfolio.

The projects scheduled for delivery in 2009 include The Citadel, a commercial tower, and Hamilton Residency, a residential tower, in Business Bay. Madison Residency, a premium 27-storey residential project located at Tecom, is also scheduled for delivery this year. The other residential projects to be handed over include the Coral Residence, Jade Residence, Sapphire Residence and Ruby Residence, all located at Dubai Silicon Oasis.

Deyaar has created a strategic planning division through which it is looking to acquire distressed assets, Markus Giebel, Chief Executive of Deyaar, had told Emirates Business. "The new department will look at buying distressed assets across the globe. We intend to add land bank to our portfolio through this acquisition drive."

The company has secured funds for its local projects, he said, adding it may look to raise funds to finance its overseas expansion plan.

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