Bloom Holding to Consider IPO to Fund its Ambitious Projects

Bloom Holding is ready to have an option of Initial Public Offering (IPO) for funding its list of ambitious projects while focusing on private placements and strategic partnerships. The company is first concentrating on corporate governance as the IPO for its five years finance strategy, as confirmed by Sameh Muhtadi, Chief Executive of Bloom Holding.

The Abu Dhabi based developer has planned to develop thousands of properties in next five years. They are going to start with leasing 225 apartments at its Bloom Marina in the Al Bateen area that will help increasing its recurring revenue streams from 50 per cent to 65 per cent within two years. Also, the company has planned to initiate development of a 225-room Edition hotel and 50 serviced apartments this year.

Currently, Bloom Holding is completing piling work on its 207 flats and 217 hotel apartments Park View project on Saadiyat Island and foundation work at its 302 Soho Square apartments. The company soon starts construction of 132 town houses under Faya scheme for its Bloom Gardens project located near Khalifa Park and 686 apartments of its Bloom Heights project in Jumeirah Village Circle, Dubai.

The company, which is a part of Abu Dhabi’s National Holding, has planned to open first two MindChamps nurseries in the UAE in Bloom Gardens in Abu Dhabi and build a Dh500 million education campus in Barsha South in Dubai.

“Our plan is to be ready within a two-year time period. Whether or not we actually float is going to depend on market conditions at the time, appetite for real estate in the various sectors that we are representing and the actual need.” Sameh adds.

Source: TheNational


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