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Wed 23 Mar 2011 06:12 PM

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Dubai's Deyaar posts $626m net losses in 2010

Developer's CEO says 'more positive' about 2011 prospects, sees more stability in UAE market

Dubai's Deyaar posts $626m net losses in 2010
Developer Deyaar posted $626m net losses in 2010 amid challenging market conditions in the UAE. (Getty Images)

Deyaar Development said on Wednesday that net losses in 2010 were AED2.3bn ($626m) on the back of writedowns and extremely challenging market conditions.

The Dubai-based real estate company said it was increasingly focusing its operations on its property management business rather than new-build projects.

Saeed Al Qatami, CEO, Deyaar, said: “As we enter a period of increased stability in the UAE property sector, in line with more positive macroeconomic conditions, Deyaar now looks to 2011 with renewed confidence."

Last month, Deyaar announced a series of strategic partnerships with leading UAE-based financial institutions to offer competitive home finance options to its clients.

In a statement, Deyaar said it had maintained a conservative approach towards impairment provisions in a bid to "enter 2011 with a healthier balance sheet and a greater ability to respond to evolving market conditions".

It added that four projects had been handed over to date in Q1 2011.

"At the same time, Deyaar is increasingly focused on extending its property and facility management business, which is contributing increasingly to the profitability of the company," the statement added.

Currently, Deyaar manages over 14,000 commercial and residential units.

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