Dubai-based real estate developer Deyaar expects to carry out projects within the UAE with a total value of nearly 10 billion UAE dirhams ($2.7 billion) as part of its current five-year plan, its CEO was quoted on Tuesday as saying.
Said Al-Qatami told the UAE daily Alkhaleej that Deyaar is expected to maintain a profit margin of at least 20 percent during the 2023-2027 plan and that net profits could hit AED1 billion ($272 million) by the end of that plan.
“During this plan, Deyaar intends to undertake a variety of projects with a combined value of nearly AED10 billion.. they include integrated urban communities as well as residential buildings and towers,” Qatami said.
Qatami was quoted as saying Deyaar has no plans to expand its operations outside the UAE.
“Deyaar also does not intend to list any of its affiliated companies in the bourse or issue bonds of sukuks,” he added.
Qatami revealed that he expects the value of Deyaar’s asset portfolio value to exceed AED3 billion ($817 million) at the end of the 5-year plan.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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