Monday, November 19, 2007

Al Qudra eyes Indian real estate market

Al Qudra Holding, a major investment company based in Abu Dhabi, plans to penetrate the Indian real estate market as part of its business growth strategy, chairman Salah Salem Bin Omeir Al Shamsi said on Monday.

"We are interested in working in India," Al Shamsi told Gulf News on the sidelines of the MEED conference here.

He said Al Qudra is still working on its strategy for India and would disclose its plans at a later date. He declined to specify who Al Qudra would take as a partner to carry out the India project and which cities are being targeted.

Al Shamsi said Al Qudra has so far sold two properties in Abu Dhabi. In addition, he said, two new real estate projects in Abu Dhabi were launched by Al Qudra at the recent Cityscape in Dubai.

Al Shamsi said the first of Al Qudra's two properties sold in Abu Dhabi would be ready for occupation in 2009.

He said overseas, Al Qudra is currently developing real estate projects in Yemen, Syria, Morocco, Algeria and Senegal.

Asked when Al Qudra will conduct an initial public offering, Al Shamsi said: "We are working with the government bodies to finalise our IPO plan." He declined to elaborate further.

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