Dubai’s Deeyar mulls to expand in 5 countries

With the aim to tap into cheap valuations stemming from the global financial crisis, Dubai property developer Deyaar is mulling to expand into five countries.

The latest development was confirmed by the company's chief executive Markus Giebel in an interview, where he expressed that he predicted the market to hit the bottom in a year's time.

He told that presently, they have been negotiating in five different countries and they are hopeful that they would soon announce the first one or two deals in the next couple of months.

Mr. Giebel said that Deyaar will be looking at markets in the Middle East and Africa while adding, "The mature countries are not good for us. We need underdeveloped and developing countries to invest in."

The global financial downturn which had put its adverse affects on whole of the global market, also hit hard the former Gulf Arab boomtown of Dubai, thus putting a full stop on a six-year construction boom that had driven up property prices and rents.

Quite a lot of major projects have been stopped temporarily by Dubai-based developers, while thousands have lost their jobs since the property market slid enormously. United Arab Emirates' vast number of developers have arrived on the decision to expand in other parts of the region to spread their risk and as the crisis bring bargains to the market.