DIRC to unveil six new projects in Dubai by early 2009

Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments (DI)Dubai Investments (DI)Dubai Investments "DIRCDIRC has so far launched one project this year in Mirdiff Hills, which is a Dh2- billion mixed-use development.

We will announce three more projects by year-end in Meydaan, Jumeirah Village and Maritime City. Another two will be launched early 2009," DIDI Chief Executive Khalid Kalban told Emirates Business.

Kalban believes DIDI will escape any market downturn because of its widely diversified portfolio, which is helping it stay balanced and minimises its risk profile.

"We have industrial investments, property investments and financial investments so if there is a downturn in the realty sector we hope the others will compensate us. In that respect, we are the most balanced company in the whole region. From a realty perspective, 50 per cent of our investment involves a long-term contract for Dubai Investments Park (DIP)Dubai Investments Park (DIP) with the buyers. Hence, no matter what happens in DIPDIP, our investors will pay us rent because they are bound by contractual agreements."

He revealed that DIDI is negotiating to acquire two more companies in Saudi Arabia and is involved in a steel plant venture that is being built there. On the real estate front, the company is looking to develop a mixed-use project in the Eastern Province of Saudi Arabia.

DIDI, with paid-up capital of Dh3.2bn, is the largest investment company listed on the UAE stock exchanges. It comprises 46 companies under six divisions - Dubai Investments Industries, M'SharieM'Sharie, Dubai Investments ParkDubai Investments ParkDubai Investments Park Development Company.

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