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Wed 25 Jan 2017 01:43 PM

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CEO of Dubai's Deyaar upbeat on 2017 despite Q4 profit slump

Saeed Al Qatami says he remains 'cautiously optimistic' about 2017; plans to launch new projects

CEO of Dubai's Deyaar upbeat on 2017 despite Q4 profit slump

The CEO of Dubai developer Deyaar has said he remains "cautiously optimistic" about the year ahead, despite the company reporting a 52.4 percent fall in fourth-quarter net profit on Wednesday.

Saeed Al Qatami said that measures taken by Deyaar to generate efficiencies, optimise its business model and deliver great products to the market "have continued to produce results in 2016".

"While there is no doubt the market faced challenges in 2016, real estate remained a standout asset class for investment," he added.

His comments come after Deyaar reported a 52.4 percent fall in fourth-quarter net profit. According to Reuters calculations, the company made a profit of 48.3 million dirhams ($13.2 million) in the three months to December 31.

But Al Qatami said he was upbeat about prospects in 2017, with key projects like The Atria and Mont Rose scheduled for delivery, and the start of work on the Midtown mega development.

He added that Deyaar also intended to launch new projects this year as well as more details on recently announced plans for Dubai South.

The company reported a sharp rise in 2016 revenues to AED428.3 million, an increase of 67 percent, mainly due to construction progress in the developer’s The Atria and Mont Rose projects.

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