Dubai-listed Deyaar Development is targeting sales of almost 2 billion UAE dirhams ($544.59 million) from its flagship Downtown Residences project in Business Bay, according to CEO Saeed Mohammed Al Qatami.

The 110-storey-plus residential tower is expected to break ground in the fourth quarter of 2025, he told CNBC Arabia.

The company's development portfolio stands at AED 1.1 billion, which is sufficient for the next two years, Al Qatami said.

Deyaar will deliver five projects this year starting July, CNBC Arabia reported. The company has liquidity of nearly AED 1.8 billion and banking facilities of approximately AED 900 million, it said.

Last week, Deyaar had announced in a press statement that the 445-metre tall residential twin tower is scheduled for completion in the fourth quarter of 2030.   

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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