Deyaar Development PJSC debuts on the Dubai Financial Market

Company shares begin trading today under the trading symbol "DEYAAR," which will appear on DFM screens, trading systems and publications.

The listing of ordinary shares of Deyaar Development PJSC was finalised and approved by the DFM in collaboration with the Emirates Securities and Commodities Authority.

Ownership of the company's shares is available to UAE nationals up to 100 per cent, while only GCC nationals are allowed to own company shares at a maximum of 49 per cent.

Mohammed Khalfan Bin Kharbash, Chairman of Deyaar and UAE Minister of State for Finance and Industry, attended the listing ceremony. Hassan Al Sirkal, Director of Operations, DFM, Rashid Al Shamsi, Deputy Chairman of Dubai Financial Market, Zack Shahin, CEO, Deyaar, and Saeed Qatami, Managing Director, UAE Business, Deyaar, were also present during the listing ceremony.

The company's authorised capital and paid up capital is AED 5.778 billion. The company has issued 5.778 billion shares, with each share valued at a par value of AED 1.

Essa Kazim, Chairman of DFM, said:

"Deyaar Development PJSC is the 53rd to list its shares on the DFM and the 10th within the 'Real estate and Construction' sector. We welcome them to our bourse, and look forward to a prosperous future together. The listing of Deyaar comes in line with DFM's strategy to offer diversified options that meet demands of investors. The listing also enhances DFM's role in attracting investments through the listing of local and regional companies on the DFM."

Commenting on the occasion, H.E. Mohammed Khalfan Bin Kharbash, Chairman of Deyaar and UAE Minister of State for Finance and Industry, said, "The listing marks a milestone in Deyaar's aggressive growth as it coincides with major expansion plans that are underway. With the unfolding of new projects in its geographical spread and portfolio, Deyaar is now ideally positioned to move onto the next phase of its ambitious plans."

Zack Shahin, CEO, Deyaar, said, "This is indeed a defining moment for Deyaar. As a company with strong fundamentals and financial solidity, we are committed to making the company a `most favoured' stock for the investor community. Our portfolio is on a continuous expansion mode with new initiatives in key markets. Our international expansion is also fast taking shape. We are extremely glad to be listed on DFM, one of the preeminent stock exchanges in the region."

Deyaar's IPO, which opened last May, had attracted immense investor interest, resulting in oversubscription 14 times. The total size of the offering was AED 3.178 billion allocated over 3.178 billion shares, representing 55% of the company's capital.

Aside from being the leading developer in UAE's real estate landscape, Deyaar is also the largest property management company in the region. The company has introduced exciting real estate projects in Lebanon and Turkey while planning a foray into major international markets including Saudi Arabia, India, Kazakhstan and Qatar.

The company's total revenue reached AED 1.057 billion by end of 2006, while total assets reached AED 3.034 billion by end of 2006.