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|18 October, 2018

Lootah mulls UAE footprint boost, eyes no mergers

Lootah's portfolio is currently valued at as much as $136mln

Sunset at Al-Khan Corniche, Sharjah Seagulls flying in the sky at dusk at Al-khan lagoon Corniche in Sharjah, UAE

Sunset at Al-Khan Corniche, Sharjah Seagulls flying in the sky at dusk at Al-khan lagoon Corniche in Sharjah, UAE

Getty Images/ mkakade711@gmail.com

Dubai –  Dubai-based Lootah Real Estate Development is not planning to enter into any mergers in the meantime, the company’s head of business development manager said.

We currently see no need for integration as the company’s performance and projects are already on an upswing, Mustafa Jassem told Mubasher on Thursday in an interview.

Jassem said that the market has genuine acquisition opportunities and tie-ups, noting that Lootah is mulling over several takeover propositions to support its growth and competitiveness.

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Lootah's portfolio is currently valued at as much as AED 500 million, said Jassem, stressing that the company is looking to expand in the domestic and regional markets.

Speaking of the company’s plans, Lootah’s top official said that his company is putting the final touches to its Jumeirah-based project, the Living Garden.

Moreover, the company is also set to launch a major industrial project, the first of its kind in the emirate of Dubai, he added, giving no further details on it.

Commenting on the real estate sector’s current challenges, Jassem said that the real estate sector in the UAE is always attractive to investors despite the recent slump in the sales.

He added that Dubai is a viable market for investors in view of having a global reputation for living standards and is considered one of the World’s best tourist destinations and an international business hub.

The Emirati government is at pains to create the investment-friendly environment by constantly doubling down on technology, innovation and coming up with best incentives and schemes for investors, especially in the real estate sector, Jassem concluded.

Lootah Real Estate Development has been the developer behind Ewan Residences, Maples, The Waves, Lootah Residence, Shamal Residences, Shamal Terraces and Living Garden.

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