Deyaar announces financial results for first nine months of 2011

Nine-month net profit reaches AED 45million, up 109 per cent from same period in 2010

Dubai, November 2, 2011: Deyaar Development PJSC, a regional real estate company dedicated to innovation, customer care and long-term sustainability, announced today its financial results for the nine months ended September 30, 2011.

For the first nine months of 2011, Deyaar reported a net profit of AED 45 million, an increase of 109 per cent compared to a net loss of AED 489 million in the same period last year. The gross revenue for the same period reached AED 665 million against AED 432 million for the corresponding period last year, a growth of AED 233 million (54%).

As a result of the profits achieved during the period, Deyaar's total shareholders' equity increased to AED 4.43 billion with total assets of AED 7.6 billion.

"We are very pleased to announce our financial results for the first nine months of this year, which highlight the strength of our core operations," said Saeed Al Qatami, Chief Executive Officer of Deyaar. "We continue to demonstrate our unique ability to offer customers comprehensive, integrated solutions through our three main business units: property development, property management and facilities management. Deyaar is once again poised to deliver an offices tower in Business Bay and a residential tower in IMPZ by the end of this year".

During the third quarter of this year, Deyaar announced several key initiatives, including a partnership with Tamweel, the UAE-based Islamic home finance provider, to jointly offer ready units at Deyaar's residential projects in Business Bay and Dubai Silicon Oasis at an all inclusive rate.

In addition, Deyaar highlighted its key projects, including its Central Park development, during Cityscape Global 2011, the region's leading real estate investment and development exhibition. A premier integrated development located within the Dubai International Financial Centre, Central Park features a 45-story commercial tower and a 47-story residential tower.

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About Deyaar:
Deyaar Development PJSC is a leading real estate company in the region. Headquartered in Dubai, the company has grown significantly since its inception to evolve into a complete one-stop real estate solutions provider. Today, Deyaar stands at the forefront of the regional real estate sector, with interests in real estate development, property and facilities management, marketing and sales. Deyaar's strategic solutions and deep market insights have helped create exceptional value for its investors.

The company currently manages over 17,000 commercial and residential properties. Its operations are divided across four key business units, vis-à-vis, property development, lease management, asset management, and fund management divisions. Deyaar is well positioned to play a pivotal role in the development of the region's property landscape. The company complies with the Escrow legislation and all relevant property laws in the UAE. Deyaar is registered with the Real Estate Regulatory Authority under reference number 15/07.

For further information, please contact:
Nicholas Nesson
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-4507600
E-mail: n.nesson@asdaa.com