Font Size

- Aa +

Mon 28 Oct 2013 04:34 PM

Font Size

- Aa +

Dubai's Deyaar sees Q3 profit soar amid property rebound

Real estate developer was one of the worst hit during Dubai's property market collapse in 2009

Dubai's Deyaar sees Q3 profit soar amid property rebound

Dubai developer Deyaar on Monday reported a big jump in its third-quarter net profit, on the back of renewed optimism in the emirate's real estate market.

Deyaar, one of the companies worst hit by Dubai's real estate market collapse in 2009-2010, made a net profit of AED40.5m ($11 million) compared with AED5.1m in the corresponding period of 2012.

The company also registered total net profit of AED87.1m for the first nine months of 2013, a growth of 162 percent compared to the same period in 2012.

The company said in a statement that total assets stand at AED6.3bn.

Saeed Al Qatami, CEO, Deyaar, said: "The real estate segment has been registering ongoing growth through each quarter this year.

"This sound financial performance is a testimony to the industry's underlying resilience. The new visionary announcements made by the Government of Dubai for the real estate sector, as well as Deyaar's business strategy and sales growth have positively impacted the company's bottom line and resulted in the continued trust of our shareholders."

For all the latest real estate 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.