Dubai, UAE: Deyaar Development PJSC, one of the UAE’s leading property development and real estate services companies, today announced its financial results for the first half of 2017.
Deyaar reported 135 percent year-on-year increase in revenues to AED 316.4 million [H1 2016: AED 134.9 million], for the six months ending June 2017. The rise was driven by sales of its properties and construction progress The Atria and Mont Rose projects, both of which currently exceed 75 percent completion.
Deyaar also recorded a healthy net profit for H1 2017 of AED 67.0 million [H1 2016: AED 111.3 million]. This year’s net profit figure was a result of the progress in Deyaar’s flagship projects.
Saeed Al Qatami, Chief Executive Officer, Deyaar, said: “We have made a progress in 2017, recording growth in terms of revenues in comparison to the same time last year. This has been due to the popularity of Mont Rose and The Atria properties, both of which are near completion with handover anticipated in 2017. In the last 6 months of 2017, our focus will be on delivering our projects and diversifying our portfolio, which includes our new hospitality projects – a critical component of developing our company to be more aligned with the vision of the UAE’s leadership.”
Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), Deyaar is one of Dubai’s leading developers, with real estate ventures spanning key growth corridors and prime locations within the emirate. Over the years, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.
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.
