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Friday, June 5, 2009

Qatar developer to sell some assets

DOHA: Ezdan Real Estate Co, Qatar's largest developer by market value, said yesterday it planned to sell some of its real estate portfolio as it seeks to raise funds for billion-dollar projects in the next five years.

Ezdan's deputy chief executive officer, Samer Wahbeh, said the company, which complies with Islamic law, would build schools, hotels, residential units and hospitals in Qatar, the world's biggest exporter of liquefied natural gas.

"We are still quite bullish about the market and have an aggressive expansion plan and we need to fuel this growth for the company," Wahbeh said in an interview.

To help finance new real estate projects, Wahbeh is in talks to sell about 4 per cent of its portfolio, worth about 600 million riyals, to a real estate investment trust based in Malaysia, Wahbeh said.

He did not rule out pursuing real estate projects outside Qatar.

By Reuters

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