Deyaar Development is planning to start construction on two properties in Business Bay during the second half of the year, said Saeed Mohammed al-Qatami, chief executive officer, at the opening of its Business Bay branch on 10 June. It will also be restarting developments that were put on hold in 2008.

One of the properties in Business Bay, worth AED500m, has been completely funded, while financial backing for the other project is still under discussion.

“Lending will be up to the banks. We are currently in talks with them,” he said. “Business Bay is looking promising, and the extension of the canal [from Sheikh Zayed Road to the Arabian Gulf] should help attract activity in the area.”

Al-Qatami added Deyaar owns 1 million square feet of undeveloped land banks in Business Bay.

The Dubai-based developer is also planning to launch sales of Central Park, a 1.5 million sq ft residential property in Dubai International Financal Centre (DIFC), this year. The project is the result of Deyaar’s joint venture partnership with Dubai Properties. It is currently 75 per cent completed, with the remaining 25 per cent under construction, for which funding has been provided by banks.

“We have not sold anything yet, but are planning to start right after summer,” said Al-Qatami.

Deyaar is mainly developing commercial and residential real estate in Dubai, including Business Bay, Dubai Silicon Oasis and International Media Production Zone (IMPZ). In May, it sold over 200 units in those areas for more than AED170m.

Deyaar’s year-on-year profits doubled in the first quarter of 2013 to AED9.4m, compared with AED9.4m in 2012. Its revenues were up 36 per cent in the first quarter of this year, reaching AED204m.

Last month, the developer appointed Hawary Marshad as its new chief financial officer (CFO), previously employed as CFO at Zabeel Investments, a firm owned by the crown prince of Dubai.