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Wed 1 May 2019 04:23 PM

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Dubai developer Deyaar sees net profit slump in Q1

Deyaar Development says the Afnan and Dania districts of its Midtown mega development are set to be handed over later this year

Dubai developer Deyaar sees net profit slump in Q1
Construction on the Afnan and Dania districts of Deyaar’s Midtown mega development is ongoing, with the projects at almost 80 percent completion.

Dubai-based Deyaar Development on Wednesday reported AED18.3 million ($4.9 million) net profit for the first quarter, less than half the AED40 million posted in Q1 2018.

The developer announced revenues of AED175.8 million, slightly down on the AED176.5 million reported in the year-earlier period.

Deyaar said its project pipeline includes several handovers in 2019 including Millennium Atria Business Bay, its first hospitality project with Millennium Hotels and Resorts, Middle East and Africa.

Deyaar’s second hospitality project to launch in 2019 will be the Millennium Al Barsha, which will be operational before the end of the second quarter.

The company said construction on the Afnan and Dania districts of Deyaar’s Midtown mega development is ongoing, with the projects at almost 80 percent completion.

It added that sales in both districts have exceeded 90 percent, and handover is expected later this year.

Saeed Al Qatami, CEO of Deyaar, said: “With several planned project launches and handovers in the coming year, we are looking forward to a strong 2019.

"Our first hospitality project, Millennium Atria Business Bay, has been well received and we will shortly be adding a second hospitality project to our portfolio when the Millennium Al Barsha launches in the next few months.

"These, coupled with the upcoming handover of Midtown’s Dania and Afnan districts, puts us in a solid position for continuing 2019 on a high note.”

Deyaar is listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank.

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