Dubai, UAE: Deyaar Development PJSC (“Deyaar”), one of Dubai’s leading property developers and real estate service providers, today announced its preliminary unaudited financial results for the full year ended 31 December 2018.
The company reported revenues of AED 643.7 million in 2018, compared to AED 751.6 in 2017. Net profit rose by 7.4% from AED 130.4 million in 2017 to AED 140.1 million in 2018.
Saeed Al Qatami, CEO of Deyaar said: “Last year was a positive one for Deyaar. We delivered two projects, and have made solid progress on our ongoing developments. The diversification of our business is on track, with a strong year behind it and an exciting year ahead, in which we will continue to focus on extending our reach into the hospitality sector by welcoming a new revenue stream from three hospitality projects.”
Two of Deyaar’s flagship projects were handed over in 2018. The residential towers of the Mont Rose development, comprising 146 one-bedroom, 144 two-bedroom, and seven three-bedroom apartments, were handed over in March 2018. In July 2018, Deyaar began the handover process of The Atria, which comprises 219 units over 30 floors, including one to three-bedroom apartments, three-bedroom duplexes, and a four-bedroom penthouse, alongside a hotel apartment tower.
The Afnan and Dania districts in Deyaar’s family-friendly community development, Midtown, are now at 70% completion. Sales in both districts have exceeded 90%, and handover is expected in 2019.
At Cityscape 2018, Deyaar launched Bella Rose residential project which will offer studios, one- and two-bedroom apartments in a well-appointed 18-storey tower, located in Dubai Science Park.
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
Ala Hassan
ASDA’A BCW
Deyaar Development PJSC
Dubai, UAE
Dubai, UAE
+ 971 4 450 7600
+971 4 384 0950
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