Font Size

- Aa +

Thu 17 Oct 2019 02:12 PM

Font Size

- Aa +

Dubai developer Deyaar sees profits slump despite rise in revenues

Deyaar Development CEO upbeat as hospitality portfolio is set to deliver future recurring income

Dubai developer Deyaar sees profits slump despite rise in revenues
Saeed Al Qatami, CEO of Deyaar.

Deyaar Development on Thursday announced that revenues during the first nine months of 2019 rose by 3.6 percent to AED483.3 million compared to the same period last year.

Despite the rise in revenues, net profit for the nine month period was reported as AED53 million, almost half of that reported a year-earlier (AED100.8 million).

Saeed Al Qatami, CEO of Deyaar said: “This year has seen Deyaar’s hospitality portfolio well and truly established, with the opening of the Millennium Atria Business Bay and Millennium Al Barsha. These two premium projects will deliver future recurring income.

Dubai's Deyaar claims court victory over Limitless land deal dispute

Deyaar Development says Court of Appeal has ordered Limitless to return all amounts paid plus compensation

"The Afnan District, part of our first integrated urban community, Midtown, is completed, which will mark amomentous occasion as we prepare to welcome residents into this outstanding family-friendly
development,” he added.

While Afnan District is getting ready for handover, the second of Midtown’s six districts, Dania with 579 apartments, is expected to be completed by the end of 2019, Deyaar said in a statement.

Afnan District has a total of 659 apartments across seven buildings, ranging from studios through to three-bedroom units – all of which are sold out.

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

For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.