Reef Real Estate to raise portfolio by Dhs1.5bn

Reef Real Estate Investment Co plans to increase its property development portfolio by Dhs1.5bn ($4.1m) over the next two years in projects across the UAE, reported Khaleej Times. The company yesterday launched Baynonah Business Towers at Jumeirah Village and the Park Residence at downtown Jebel Ali. Shaikh Ahmed Mohammed Zayed Saqer Al Nahyan, the company's managing director, said the company's current portfolio is composed of six projects worth Dhs1.3bn. The delivery of the two latest projects will be in 2010.