Oqyana to sell land on The World - Emirates24|7

Oqyana to sell land on The World

Oqyana plans to sell property directly to end users to boost margins.

Kuwaiti real estate firm Oqyana, an affiliate of Islamic company Investment Dar, hopes to reach deals to sell property in a major Dubai project by year-end after receiving offers from investors.

Oqyana, in which Investment Dar owns 20 per cent, has been developing land it owns in The World, a collection of man-made islands in the shape of a map of the world that Dubai is developing off its coast. "Oqyana has been approached by many investors who are regional and international developers with offers. We hope to reach sale deals during the last quarter of 2008," Oqyana Managing Director Nabil Abdul-Rahim told Reuters.

He declined to give a value for the deals, saying only: "Oqyana anticipates its profits to go over 150 per cent," adding that it would sell the property directly to end users to boost margins.

Investment Dar, the Islamic investment firm that owns half of British luxury car maker Aston Martin, declined to comment on the value of the deals but said last year Oqyana could earn as much as $2.5 billion (Dh9.1bn) from the sale of Dubai property.

Abdul-Rahim said Oqyana planned to develop an upmarket residential and commercial real estate project in Bahrain but had to await approval from authorities first.

"The project implementation shall be decided once Oyqana obtains approval from the government," he said, declining to give a value for the deal.

Abdul-Rahim also said the firm was exploring several global investment opportunities but gave no details.

Oqyana, which boosted net profit by 34 per cent to KWD47m in 2007, expects to list its shares on the Kuwaiti stock market this year, he said, adding the firm had "at the moment" no plans for a capital hike.

In May Oqyana Development Company, a joint venture launched by Investment Dar and Efad Holding, unveiled final master plan for its Oqyana World First development, a lifestyle destination with 2,500 apartments and 200 villas plus luxury hotels, in Nakheel's The World project.