Dubai developer Deyaar has put all its unsold projects on hold due to the global financial turmoil but still expects to post record profits for the fourth quarter, its chief executive has said.

Markus Giebel told reporters the company had put 'many projects' on hold adding 'it’s wrong to deliver units which have not been promised to the customer'.

Giebel did not give figures when asked about his profit forecast for 2008 and the fourth quarter, but said: “The increases are substantial...[We have a] record breaking quarter and year.”

Deyaar has an 8% debt to equity ratio, making it almost 'debt free', Giebel said.

The National