Dubai-based developer Deyaar on Thursday announced increases in revenues and net profit for the first quarter of 2021 as its CEO hailed the impact of the Dubai Urban Master Plan 2040 on future prospects.
The company announced an increase in revenue to reach AED149.2 million for the first three months compared to AED98.8 million for the same period last year.
The developer also reported an increase in net profit of AED15.1 million for the first three months from AED2.6 million in the same period last year.
Saeed Al Qatami, CEO of Deyaar, said: “We were able to achieve our results in the first quarter this year due to our continuous efforts and commitment to deliver our projects on time. We have a unique portfolio of ready and off plan residential units which witness a high demand from our clients.
“We expect this demand to grow even more with the economic recovery in the emirate and the effort that the government takes towards executing the Dubai Urban Master Plan 2040 (pictured below).”
Last month, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched the master plan that maps out a comprehensive future map for sustainable urban development in the city.
The master plan focuses on using available spaces within the limits of the current city and concentrating development in existing urban areas.
Earlier this year, Deyaar announced the handover of its Bella Rose project in Dubai Science Park consisting of 478 residential units and 12 retail shops.
Additionally, the company said that construction work of the third and fourth phases of the integrated residential project Midtown which will add 11 more buildings to the project is progressing well.
Deyaar is listed on the Dubai Financial Market and is majority-owned by Dubai Islamic Bank (DIB).
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