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Wed 22 Oct 2014 05:43 PM

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Dubai's Deyaar says Q3 net profit almost doubles

Developer says performance was boosted by robust property sales and delivery during third quarter

Dubai's Deyaar says Q3 net profit almost doubles

Dubai-based developer Deyaar on Wednesday reported a net profit of AED78.47 million ($21.36 million) for the third quarter of 2014, up 94 percent compared to the same period last year. 

Aided by robust property sales booking and property delivery, net profit for the first nine months of the year rose 122 percent to AED193.04 million, the company said in a statement, adding that total assets were AED6.1 billion.

Saeed Mohammed Al Qatami, CEO of Deyaar Development, said: “Driven by our robust growth in our diversified real estate portfolio, we have once again recorded outstanding results.

"Q3 witnessed aggressive investments in the hospitality sector, providing the right mix of competitive projects and services that have helped consolidate our position in the residential and commercial real estate industry and entry into the hospitality sector.

"Deyaar Development is well positioned to achieve its core goal of transforming itself into one of the biggest developers of the UAE. Needless to say, we remain committed to our priority of enhancing value for our customers and safeguarding shareholders’ trust.”

Deyaar, the second-largest development company listed with the Dubai Financial Market, recently concluded the sale of residential units in tower-1 of the Montrose project, with the majority of units sold. The project comprises three towers - a hotel apartment tower and two residential towers.

Deyaar Development last month unveiled the masterplan of its upscale AED3.5 billion ($952 million) 'Midtown by Deyaar' project which will include a total of 27 buildings.

The 5.5 million square feet masterplan comprises two hotels on the northern and southern tips, along with 13 separate residential buildings on the east side of the development, and 12 buildings clustered into four groups.

While three buildings are joined into one group on the west side of the masterplan, all the 27 buildings will share a one level podium covering retail, parking, and essential services.

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