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Wed 17 Oct 2018 07:10 PM

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Dubai's Deyaar posts $27m net profit so far in 2018

Developer says it has handed over two of its flagship residential projects in Dubai

Dubai's Deyaar posts $27m net profit so far in 2018
Construction of the Afnan and Dania districts of Deyaar’s Midtown development have reached the halfway point, with unit sales in both districts exceeding 90 percent.

Deyaar Development on Wednesday announced its net profit for the first nine months of the year of AED100.8 million ($27.2 million), a marginal increase on the year-earlier period.

Revenue for the first nine months of 2018 was AED446 million, down from AED511.9 million in the same period of 2017, the company said in a statement.

The Dubai-based developer also said it has handed over two of its flagship residential towers – The Atria, in Business Bay, and the Mont Rose, located in Dubai Science Park.

Saeed Al Qatami, CEO of Deyaar said: “Our focus this year has been on our strategy of delivering high quality projects to our customers, who are now able to enjoy their investments in two of our most iconic properties, The Atria and the Mont Rose, to the fullest.

"Beyond this, we have made significant progress on our ongoing developments in addition to launching new project in Dubai Science Park. We will continue to work to the highest possible standards in order to complete our projects within the set timeline.”

As of September 2018, construction of the Afnan and Dania districts of Deyaar’s Midtown development have reached the halfway point, with unit sales in both districts exceeding 90 percent.

Work on the Deyaar Millennium Hotel and Serviced Apartments, located close to Mall of the Emirates in Al Barsha, is expected to wrap up by the end of 2018, he said.

Listed on the Dubai Financial Market, Deyaar is majority-owned by Dubai Islamic Bank.

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