Deyaar awards AED600m contract for Midtown Afnan and Dania districts

26

Belhasa to serve as main contractor for Deyaar’s Midtown Afnan and Dania districts located in Dubai Production City

Dubai, UAE: Deyaar Development PJSC, one of the UAE’s leading property development and real estate services companies, has appointed Belhasa Engineering and Contracting Company as the main contractor for its Midtown Afnan and Dania districts, in a contract worth AED600 million.

The contract between Deyaar and Belhasa to build 1,238 units will last for 29 months from the signing date, with the superstructure in Afnan and Dania districts expected to be completed by December 2018, with the aim to reach 15 to 20 per cent completion by the end of this year.

Saeed Mohammed Al Qatami, Chief Executive Officer of Deyaar Development, said: “Belhasa has a proven track record of delivering quality, premium properties, making them the ideal partner for the next phase of Midtown’s Afnan and Dania districts. Midtown is proving to be a popular development with over 70% per cent of properties already purchased off-plan, and we are eager to deliver in good time.”

Majed Belhasa, Managing Director of Belhasa Engineering and Contracting Company, said: “We are keen to take on projects that are unique and add value to Dubai’s communities, and Deyaar’s Midtown development fits that bill. We’re pleased to be working with Deyaar on this project, which represents a previously underserved residential sector.”

Deyaar’s Midtown project is an integrated urban community in Dubai Production City near Sheikh Mohammed Bin Zayed Road. The development has 27 buildings with a built-up area of almost five million square feet, offering studios, one-bedroom, two-bedroom and three-bedroom apartments. In Midtown, the first two phases have been launched. Afnan District features 659 apartments while Dania District has 579 apartments.

About Deyaar:

Deyaar Development PJSC is a leading real-estate developer and real-estate services company, headquartered in Dubai. Since its establishment in 2002, the company has registered exponential growth to become an industry leader in the region, with a share capital of AED5.78 billion. Deyaar is well-positioned to play a pivotal role in the development of the region’s property landscape. The company’s in-depth market intelligence, world-class services and unrivalled property management support for communities across diverse portfolios have firmly consolidated its pioneering status in the region’s real estate landscape. Combining excellence with a vision to create natural living environments while placing customers at the core of its strategies, Deyaar serves as a one-stop real estate solutions provider. Under this profile, its scope includes the delivery of end-to-end property development and property management services across the UAE. Deyaar provides facility management services for its portfolio of commercial and residential units. The company spearheads an association management team to ensure the wellbeing of Deyaar’s homeowners as a key priority. Deyaar complies with the escrow legislation and relevant property laws in the UAE, and it is registered with the Real Estate Regulatory Authority under reference number 15/07.