Tejoori to be 'more active' in 2013
Firm says 'all options are still under review' for Dubailand plots
Tejoori, the Dubai-based investment company listed on the London stock exchange, has said that it expects to be busier during the current financial year after agreeing a deal with Dubai Properties Group to swap two plots in the stalled Lagoons development for three at Arjan in Dubailand last December.
"Following the successful acquisition of the Arjan Plots, and the plans under consideration for their development, we expect the company to be more active," said chairman Khalid Al Nasser. "The board will continue to work towards strengthening the Company's investment portfolio and delivering value to shareholders."
The company revealed that in the six months to December 30, it generated income of $55,934 and profit of $10,164, compared to a loss of $35,878 during the same period in 2011. It has assets of $27.5m (2011: $18m), but a significant chunk of this was advances allowing it to purchase investment property.
The firm has been weighing up several options regarding the Arjan plots, including developing the land itself, selling off undeveloped plots or entering into a joint venture with other developers.
Last month, it announced it was in talks with a "highly regarded" developer in the UAE, but the company has said that "all options are still under review".
"Once finalised, the outcome will be shared with our developers," said Al Nasser.