Deyaar unveils new corporate identity to mark strategic shift

Deyaar, whose former chief executive Jack Shahin is under investigation for wrongdoing, yesterday unveiled its new corporate identity, reflecting the company’s strategic shift from single-tower projects to larger communities in master-planned developments.

The introduction of a new corporate identity is in line with the company’s vision as it seeks to enhance its status as the leading complete one-stop real estate solutions provider based in Dubai. This new corporate identity represents Deyaar’s approach to develop signature communities, through which it seeks to further enrich the lives of its customers.

Chairman Nasser Bin Hassan Al Shaikh said: “The future will see us enter new markets and further expand our presence in master-planned developments to encompass a broader range of real estate offerings. As the company grows, we will continue to retain our sharp focus on serving the interests of our key stakeholders including our customers, tenants, shareholders and staff.”

“The Deyaar brand is one of optimism and consideration.

“The core purpose of this brand, as envisioned at the time of its inception, is to make a difference in people’s lives. What makes this new corporate identity truly special is that it reflects the strategic shift in our focus.”

Gulfnews

Probe to impact markets

The police investigation into alleged financial irregularities by top executives at mortgage lender Tamweel and developer Nakheel will cast a shroud of uncertainty tinged with gloom on the stock markets this week.

The latest round follows similar probe into Deyaar Development and Dubai Islamic Bank earlier this year. “Isolated bad news has a way of snowballing into a negative sentiment and we expect property stocks to take a further hit on the Dubai exchange this week,” said a trader on the Abu Dhabi Securities Exchange on condition of anonymity.

Nakheel has denied any “embezzlement”, while Tamweel has confirmed simply that an investigation is under way. Istithmar World, a subsidiary of Dubai World, has also confirmed that the roles of two senior employees are being investigated for possible financial irregularity while they were employed with another company. The company is Tamweel.

“The Deyaar investigation earlier this year caused a run on the company’s stock, with a contagion effect on other property stocks. Last week’s news will extend the weakness and Dubai can be expected to test the 4,700-points level,” the Abu Dhabi-based trader said.

After a torrid first half of August, investors’ hopes that equities will rebound are likely to be shattered this week. The most that traders would probably settle for is a week of consolidation.

Last week, both the Dubai and Abu Dhabi bourses suffered their largest one-day declines since January and although the capital’s index is now on a two-session winning streak, it is unlikely to escape a similar malaise to the one engulfing Dubai. The ADX lost five per cent last week, while the Dubai Financial Market fared little better, dropping 4.43 per cent and will open today on 5,018 points.

“We expect range-bound trading for the next month,” said Julian Bruce, EFG-Hermes director of institutional equity sales.

Emaar will again be key to Dubai’s fortunes. The property giant slipped to an 12-month intraday low of Dh9.58 that triggered Wednesday’s 2.6 per cent rebound, but this gave way to more selling the day after, meaning Emaar will open on Dh9.66 today and down 35 per cent in 2008. Tamweel will also be under selling pressure.

Aldar Properties will dominate trading on the ADX. The developer is a couple of percentage points below its foreign ownership limit of 40 per cent and will see more buying this week because it is held by a significant number of different investment vehicles.

Emirates Business

Deyaar appointed as development manager for ICD’s One Za’abeel

Deyaar Development PJSC, the region’s fastest growing real estate company, announced today that it has signed an agreement with the Investment Corporation of Dubai (ICD), the investment arm of the Government of Dubai, to assume the development and management rights for One Za’abeel, an iconic 36-storey mixed-use development located at the World Trade Center roundabout in Dubai.

Under the terms of the agreement, ICD will continue to own the project, which will be developed and managed by Deyaar.

One Za’abeel was launched in June 2008 in line with ICD’s vision to identify and develop unique opportunities that will enhance Dubai’s position as an international city of excellence.

One Za’abeel will consist of three separate residential, commercial and hotel towers interconnected at the top and have a common podium at the base.

Construction at the site is set to commence shortly with completion scheduled for 2011.

The agreement further consolidates the position of Deyaar’s property management division as the development manager of choice for high-profile projects in the UAE.

Highlighting the strong growth of the company’s property management division, Saeed Al Qatami, Deyaar’s Managing Director - UAE Business, said:

‘Since the company was launched, Deyaar’s property management division has evolved from an institutional property manager focused on the management of Deyaar properties to a large, multi-client property manager in the public domain. Not only has the division taken on a bigger portfolio of properties to manage, it has been extremely successful in the process, helping property owners to maximise the return on their assets. This agreement with ICD demonstrates the high level of trust and confidence that Deyaar’s property management division enjoys among key property owners in the region.’

Khalifa H. Al Daboos, Director Investments, ICD, said: ‘Due to its central premium location at the end of the old business district and at the beginning of the business growth corridor on Sheikh Zayed Road, One Za’abeel is poised to become a symbol of Dubai’s rich trading roots, as well as its rapid rise into a modern international financial and business hub. It was extremely important in this respect that strong partners are brought onboard to deliver the highest quality of construction and services.

‘Deyaar has established itself as a principal performer in property development and management in the UAE with a proven track record of enhancing investor returns and simultaneously providing comprehensive ancillary services and care to its customers and tenants,’ he added.

‘We firmly believe that together we can develop a landmark that will be an icon in the emirate’s rapidly growing real estate landscape.’

In a first for the region, a highway will run through the development. One Za’abeel will also be in close proximity to two Metro stations.

The unique complex will include a residential tower with 450 apartments, a five-star hotel tower with 370 rooms and a commercial tower offering 500,000 square feet of office space.

Deyaar’s DSO Sold out within hours

All properties at Dubai Silicon Oasis (DSO) was all sold out just within hours, as investors were queuing in front of the sales center hours before opening. This amazing response Deyaar is getting is due to the fact that it is considered the fastest growing real estate company in the region.

Project is fairly close to Dubailand and consists of Ruby, Coral and Jade residences making 464 units in total. DSO is very close to upcoming airport, Sheikh Zayed university and will be connected by the Dubai metro in the second phase. Finance was available till upto 90% through the major banks in the UAE