Deyaar to list on the DFM on September 5

Deyaar's IPO in May evoked strong retail and institutional demand and was more than 14 times oversubscribed. The issue attracted over 85,000 subscribers and collected over AED 45 billion.

Announcing the listing of the company, H.E. Mohammed Khalfan Bin Kharbash, Chairman of Deyaar and UAE Minister for State of Finance and Industry, said that it was a major point of transition for the company.

"We are extremely delighted to announce the listing of our shares on the DFM. The company has achieved a strong and consistent growth curve right from its inception. Various strategic expansion plans for the company have been reviewed and ratified by the Board to ensure that the exponential growth witnessed so far is not only maintained but further accelerated."

SHUAA Capital was the IPO's lead manager and sole book-runner, with Millennium Capital as co-lead manager, and Dubai Islamic Bank as lead receiving bank.

Makram Kubeisy, Managing Director - Investment Banking Group at SHUAA Capital, said "SHUAA Capital is extremely proud of its association with Deyaar's and its role in and contribution to bringing a very distinguished offering to the market. Deyaar is a very strong company, and based on our projections it is expected to go from strength to strength. The Company has strong fundamentals, a truly professional management team and has consistently increased both revenues and profits at impressive rates since its inception; which we anticipate will favorably impact its share price."

Proceeds from the IPO will be used to finance the company's massive expansion in property development in a series of mega projects in the UAE as well as spearhead its growth in key strategic markets of Saudi Arabia, Qatar, Kazakhstan and India.