Deyaar Development, one of the leading real estate developers and service providers in Dubai, has announced that the Board has approved dividend distribution for the first time in the company’s history.
The company was founded in 2002 and was listed in the Dubai Financial Market (DFM) in 2007.
The Board recommended distributing 4 percent of the share capital as dividends AED175 million ($47.65 million), equivalent to 4 fils per share.
The developer called it a “landmark decision that marks a significant chapter in its history”.
Abdullah Al Hamli, Chairman of the Board of Directors, commented: “We are delighted to announce our decision to distribute dividends to our valued shareholders.
“This marks a significant achievement for Deyaar and reflects our steady growth trajectory. In recent years, Deyaar has undergone a remarkable transformation, resetting in 2022 and reaping the rewards in 2023. With a strong business model and strategic initiatives in place, Deyaar is now well-positioned to embark on a new chapter of growth.
“Looking ahead, I am confident that this momentous milestone paves the way for continued success.”
The company’s Annual General Assembly meeting is proposed to take place on 5 April.
Majority-owned by Dubai Islamic Bank (DIB), Deyaar has real estate ventures spanning across key growth corridors and prime locations within Dubai. Over the past two decades, it has delivered an extensive portfolio of commercial and residential properties.
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