Dubai, UAE: Deyaar Development PJSC (“Deyaar”), one of Dubai’s leading property developers and real estate service providers, today announced its financial results for the third quarter of 2017.

The company reported revenues of AED 512 million for the first nine months of the year as compared to AED 261 million in the same period in 2016, representing a 96% year-over-year rise in revenue. The increase is attributable to robust sales and acceleration of progress in the construction of Deyaar’s flagship projects, including The Atria and Mont Rose, both of which currently exceed 80 per cent completion. Midtown is on track to be completed by Q3 2019.

Deyaar recorded gross profit of AED 182 million [As of Q3 2016: AED 105 million] while the net profit reached AED 100 million [As of Q3 2016: AED 167 million]. Net profit for the same period in 2016 included a write-back of provision for impairment of investment in an associate and fair valuation gain on investment properties.

Saeed Al Qatami, CEO of Deyaar, said: “Over the past nine months of 2017, Deyaar has made major headway in three of our flagship projects while focusing on expansions within the hospitality segment to further grow our portfolio. With the significant progress on our developments, Deyaar is witnessing a new cycle of growth that aligns perfectly with our long-term strategic plan driven by UAE Vision 2021.”

In April, the company appointed Belhasa Engineering and Contracting Company as the main contractor for its Midtown Afnan and Dania districts in a contract worth AED 600 million.

Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), Deyaar is one of Dubai’s leading developers, with real estate ventures spanning key growth corridors and prime locations within the emirate. Over the years, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.

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ABOUT DEYAAR
Deyaar Development PJSC is a leading real-estate developer and real-estate services company, headquartered in Dubai. Since its establishment in 2002, the company has registered exponential growth to become an industry leader in the region, with a share capital of AED5.78 billion.

Deyaar is well-positioned to play a pivotal role in the development of the region's property landscape. The company’s in-depth market intelligence, world-class services and unrivalled property management support for communities across diverse portfolios have firmly consolidated its pioneering status in the region’s real estate landscape.

Combining excellence with a vision to create natural living environments while placing customers at the core of its strategies, Deyaar serves as a one-stop real estate solutions provider. Under this profile, its scope includes the delivery of end-to-end property development and property management services across the UAE.

Deyaar provides facility management services for its portfolio of commercial and residential units. The company spearheads an association management team to ensure the wellbeing of Deyaar’s homeowners as a key priority. Deyaar complies with the escrow legislation and relevant property laws in the UAE, and it is registered with the Real Estate Regulatory Authority under reference number 15/07.

For further information, please contact:
Khalid Yahya 
ASDA’A Burson-Marsteller
Dubai, UAE
+971 4 4507633  
Khalid.Yahya@bm.com

Ala Hassan
Deyaar Development PJSC
Dubai, UAE
+971 4 3840950
AlaH@deyaar.ae

© Press Release 2017