Deyaar to launch 2 projects this year

Dubai's second-largest property developer, Deyaar, plans to launch two new projects this year, its chief executive said on Monday, adding to a series of project announcements in the emirate.

One of Deyaar's new projects, a residential development in the Business Bay area of Dubai, will be worth about Dh500 million ($136 million), Saeed Al Qatami said at the opening of the company's new office in the area.

He said the second project was still being finalised, and gave no details of it.

"A number of our projects were put on hold after the crisis. But we still have the good land bank and are looking to revive projects," Al Qatami said.

He added that Deyaar, in which Dubai Islamic Bank holds a 41 percent stake, was not encountering problems in securing finance for new projects and had no plans to issue bonds to raise money.

Dubai's largest developer, Emaar, has announced several big projects over the last few weeks, the most recent being plans for a huge residential and commercial development near the city's downtown area in partnership with Meraas Holding.