Dubai, UAE: Deyaar Development PJSC ("Deyaar"), one of the leading real estate developers and service providers in Dubai, has announced positive financial results for the first half (H1) of 2023 compared to the corresponding period of 2022.

The H1 2023 financial results have shown the company's substantial growth, with a 77% increase in profits reaching AED 118.5 million compared to AED 66.9 million during the same period in 2022. Also, the net profit in Q2 2023 increased by AED 29.4 million (90%) to reach AED 62.1 million from AED 32.7 million in Q2 2022.

The company also achieved an increase in revenue by 70% to reach AED 628.9 million compared to AED 369.4 million in H1 2022.

Saeed Al Qatami, CEO of Deyaar, said: "Once again, we are happy to report remarkable financial results this year. The positive H1 2023 financial results were achieved due to strong performance executed by all business segments of the company, especially the property development business, which was the dominant revenue contributor. Following our positive Q1 financials, the results were driven by several factors, including the success of recent projects and the increased frequency of the company's project launches. Our unwavering focus remains on fostering innovation, delivering exceptional value to our valued stakeholders, and capitalizing on growth opportunities within the dynamic real estate sector in the United Arab Emirates. As we continue to make a positive impact within Deyaar and on the local economy, we will surely keep building on this progress and achieve even greater success in the future.

The latest financial results indicated that the increase in revenue was mainly attributable to increased property development revenue due to higher construction progress in Regalia at Business Bay, Noor and Mesk districts handover in Dubai Production City. Moreover, the financials have also been positively impacted by the additional sales generated from both new and existing projects.

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 past two decades, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.

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 AED4.38 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.

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Showkat@gambit.ae