Deyaar, which once focused primarily on high-rise buildings, is shifting its focus to low-cost housing.

Deyaar, which once focused primarily on high-rise buildings, is shifting its focus to low-cost housing. Industry Summits Reuters

Deyaar, which once focused primarily on high-rise buildings, is shifting its focus to low-cost housing.

DUBAI (Reuters) - Dubai developer Deyaar DEYR.DU, which on Monday announced it had cut 20 percent of its workforce, said it will re-start developing projects in 2010 and set up co-investment funds for its overseas expansion plans.
"2009 was a development holiday. In 2010 we have to start developing again," Markus Giebel, the firm's chief executive told the Reuters Middle East Investment Summit on Tuesday.
Dubai's second-largest listed developer, which plans to double the size of its property portfolio over the next five years, has handed over seven projects to investors in the third quarter and committed to six more in 2010, it said earlier in October.
Giebel said on Tuesday he hoped to close the firm's 500 million dirham ($136.1 million) distressed debt fund by the end of the year and would "attempt" to launch a co-investment fund in 2010 of similar size.
The firm is looking at several expansion opportunities across the Middle East, including Saudi Arabia and Lebanon, but would take its time in identifying projects, he said.
"The shelf life of a product in 2008 was two to four days. Now the shelf life is six to twelve months so we have all the time in the world to make a decision," he said, adding the firm had over 500 million dirhams of cash to spend.
"100 million dirhams investment goes a long way ... 100 million dirhams gives you a billion dirhams of development in a joint venture structure."
Deyaar, which once focused primarily on high-rise buildings, is shifting its focus to villas and low-cost housing.