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Dubai: Samana Developers to launch 18 projects worth Dh12.5 billion this year

Private developer is also getting IPO-ready, says chief executive

Published: Mon 25 Mar 2024, 4:47 PM

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Samana Developers' chief executive Imran Farooq. — Supplied photo

Samana Developers' chief executive Imran Farooq. — Supplied photo

Dubai-based private real estate firm Samana Developers will invest Dh12.5 billion ($3.4 billion) in 18 projects in Dubai and will award contracts for all those projects this year, its chief executive said on Monday.

In an interview with Khaleej Times, Imran Farooq said the developer will launch 11,000 units and launch projects in key areas such as Arjan, Jumeirah Village Circle (JVC), Marjan, Dubailand, Discovery Gardens, Furjan, Motor City, Sports City, Meydan and other upcoming localities.

These new investments will position Samana Developers in the top five fastest-growing developers in Dubai, moving up from the top 10 developers achieved in 2023.

“Dubai's property market presents an exceptional opportunity, and we are well-positioned to capitalise on it. By introducing high-yield waterfront properties, we're set to provide investors with a lucrative asset class that offers the best of Dubai's sun, sand, and sea lifestyle,” he added.

The developer is also aiming to foray into the fast-growing Ras Al Khaimah property market with an inaugural project slated to be launched later this year. “We are also planning a 5-Star hotel in Marjan island with state-of-the-art facilities.”

The Samana CEO believes that the ready property market in Dubai is in a consolidation phase and demand for off-plan projects is also extraordinarily high, especially in the Dh2 million ticket price.

Farooq said the company has appointed an advisory firm to apply corporate governance to be IPO-ready for the Dubai listing. “We will be evaluating IPO options towards 2025-2026.”

The UAE has seen a flurry of IPO activity in the post-Covid-19 period, driven by both public and private sector entities. All the companies that went public saw their IPOs being oversubscribed multiple times, reflecting a strong appetite for IPOs in the country.



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