Burooj Properties are a real estate developer subsidiary of Abu Dhabi Islamic Bank. According to this report, they have 2 completed towers in Dubai, properties under development in Abu Dhabi, Dubai, Sharjah; and are planning to expand into Egypt and Algeria. Total portfolio value of AED 50 billion in a few months time.
Stock Exchange: Abu Dhabi Securities Exchange (ADX)?
Date of IPO: end 2009 (maybe)
Share Capital:
Par Value: 1 dh per share?
Managing Director: Adel Ahmad Al Zarouni
I'll update this a bit later when I can find some more information.
Burooj plans to float shares late next year
By Saifur Rahman, Business Editor
Dubai: Burooj Properties (BUROOJ), a subsidiary of Abu Dhabi Islamic Bank (ADIB), will be floated late next year through an initial public offering (IPO), a top official said.
The company, which is currently valued at between Dh2.5 billion to Dh3 billion, is expanding in Egypt and Algeria.
"We expect to go public through an IPO by the end of 2009," Adel Ahmad Al Zarouni, managing director of Burooj Properties, told Gulf News on Tuesday.
"If you ask me the value of the company, today I would say it should be between Dh2.5 to Dh3 billion."
He said the company is expected to exceed Dh50 billion portfolio within the next few months.
"We currently have three projects under planning and development in Abu Dhabi. These include two towers valued at Dh600 million and Dh500 million, while a cluster of 80 villas are valued at Dh500 million - totalling Dh1.6 billion," he said. "Besides, we have built two hotels in Dubai, operated by Millennium and Coral."
These are in addition to the Dh15 billion Sharjah Marina and the company's signed project in Egypt.
"We have signed up for a large development in Egypt spreading across 840,000 square metres of prime land," he said. "We are also expanding in Algeria and looking at prime lands for development."
Sharjah Marina
Burooj Properties will develop a Dh15 billion mixed-use project, Sharjah Marina, that will host 11 towers, two hotels and retail facilities, including a large shopping mall.
"The project will take up to eight years to complete, although the first phase will be delivered in four years," Adel Ahmad Al Zarouni said.
The project will host a 70-storeyed commercial tower and 10 residential towers with one-, two-, and three-bedroom apartments as well as three resort hotels with 1,215 rooms and suites.
Hmmm.... someone has misunderstood what the MD said. Reuters or Gulf News? And one of them got the date wrong. Take your pick...
Gulf News 14 May 2008:
He said the company is expected to exceed Dh50 billion portfolio within the next few months.
Reuters 14 May 2008:
Burooj to triple capital, eyes 2010 IPO
Burooj Properties, a subsidiary of Abu Dhabi Islamic Bank, plans to triple its capital base ahead of a proposed initial public offering (IPO) in 2010, aimed at financing its growing portfolio.
Managing Director Adel al Zarouni said on Tuesday that Burooj, which has projects worth Dh18 billion ($4.9 billion) in development, expects to boost that figure to about Dh50 billion by 2013.
"We are increasing the company's capital prior to the IPO to Dh1.5 billion by next year and plan to have the company ready for public offering in 2010," he told Reuters on the sidelines of a property exhibition.
"The pre-IPO capital will be through our mother company, Abu Dhabi Islamic Bank," he said, declining to give more details about the public offering.
Burooj, set up in 2005, has a paid-up capital of Dh500 million. The company has developed two hotels in Dubai and plans to launch new projects elsewhere in the UAE later this year, al Zarouni said.
"We are expanding internationally with our first project in
Cairo, that will be launched before end of this year. It is a residential, 800,000 sq m project," he said, declining to specify the investment outlay.
"We are also looking at developing real estate projects in Syria, Algeria and some other Middle East (and) North Africa countries in the coming years," he said, without elaborating.
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