Deyaar Development Delays Bond Sale

DUBAI — Deyaar Development PJSC plans to delay an Islamic bond sale as the global credit crisis deepens, which may slow the company’s plans to expand in Saudi Arabia, India and the U.S., the company’s chief executive officer said.

By (Bloomberg)

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Published: Wed 8 Oct 2008, 12:17 AM

Last updated: Sun 5 Apr 2015, 2:13 PM

The Dubai-based real-estate company is finding it “much more” difficult to raise money at present and will wait until markets improve, Markus Giebel said in an interview in Dubai on Monday. Deyaar, whose former Chief Executive Officer Zack Shahin will stand trial this month for embezzlement after being detained in March, may buy international or domestic developers, Giebel said.

Dubai’s real-estate industry may consolidate after five years of steep gains as the global credit crunch hits the Gulf. Home prices in Dubai are likely to remain flat until 2010, Colliers CRE Plc said yesterday.

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