High Rise Real Estate IPO

sharewadi · Posted on Sat 23 Sep 2006 10:06 by **sharewadi**

The High Rise Real Estate managing partner says they "might" go public. In the Gulf News dictionary, that means they "will" go public. I see Shocked

... High Rise launched a Rotating Tower recently. Hopefully that rotating tower will (or might) revolve about a vertical axis rather than a horizontal axis Confused

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Gulf News 22 September 2006:

High Rise Real Estate pledges IPO in three years
By Saifur Rahman, Business News Editor

Dubai: Dubai-based developers High Rise Real Estate will be listed following an initial public offering in two to three years time, company officials said.

"We might go public in the coming years as we move ahead with lots of projects and developments," Faisal Ali Moosa, managing partner of High Rise Real Estate, told Gulf News yesterday.

Portfolio building

The two-year-old company has already achieved an annual turnover of Dh1 billion. It has recently launched the Dh175 million Rotating Tower parts of which will continuously rotate 360 degrees.

"By next year, we are going to have a turnover to the tune of Dh5 billion as a number of projects are currently in the pipeline," Dr. Hamid Yazdani, general manager of the company told Gulf News.

"By the next year, we will launch at least 20 properties including 12 commercial and eight residential towers in various parts of Dubai with a commercial value to the tune of Dh3 billion.

"We are looking at two to three years for the IPO, as currently we are quite busy building our own portfolio of projects."

Rotating elsewhere

The Dh7 billion Rotating City is moving to Abu Dhabi from Dubai, officials confirmed.

Faisal Ali Moosa, managing partner of High Rise Real Estate, told Gulf News: "We are finalising the negotiations with the Abu Dhabi government for 15 million square feet of land for the development of the Rotating City."

The project, initially planned to be set up at Dubailand master has been moved to the UAE capital due to the delay in the delivery of land and infrastructure.

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