Tejoori has said it expects its prospects to be boosted by the recent decision to award the Expo 2020 to Dubai.
The investment company, whose principal assets are three sites at the Arjan element of Dubailand near the Expo 2020 site, said that it could provide a boost to its prospects.
Tejoori swapped three previously-owned plots at Dubai Properties Group’s stalled Lagoons Spa scheme for the Arjan land in a $15.5m deal last year.
Writing in its new annual report, chairman Khalid Al Nasser said: “With Dubai being awarded Expo 2020, the board of Tejoori are confident in there being a positive boost to the local property markets. As a result, we foresee good prospects for our recently-acquired properties in Arjan.”
Al Nasser said Tejoori was continuing to assess options for the plots, which include developing them alongside a property firm or selling them off.
During the year, the company made a net profit of $4.2m – largely due to a revaluation of its assets.
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