Dubai’s Deyaar eyes expansion outside UAE

Deyaar Development is looking for investment opportunities outside the UAE, in markets such as Saudi Arabia and Turkey, Al-Khaleej newspaper reported, citing Chairman Abdulla Al Hamli. The Dubai-based developer is focusing on low- and middle- income residential projects, the newspaper cited Al Hamli as saying at the company’s annual meeting this week. Dubai's second largest developer by market value swung to a small profit in 2011, it said in a statement to the Dubai bourse in February. Deyaar made a net profit of AED37.7m (US$10.3m) last year, compared to a net loss of AED2.87bn in 2010. The company also posted improved fourth-quarter results, according to Reuters calculations, but remained in a loss. The developer's results for both periods in 2010 were hit by large writedowns. CEO Saeed Al Qatami attributed the full-year profit to the company's "strong core operations despite challenging market conditions." "The company will continue with its focus on completing the projects in the pipeline, growing the existing sources of sustainable income and exploring new business opportunities," Al Qatami said.