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Dubai-based developer Deyaar has announced a profit of AED 50.8 million ($13.8 million) for 2021 after its revenues climbed by 22 percent.
The real estate company reported a net profit following a loss of AED 216.9 million in 2020. Its revenue reached AED 504.8 million in 2021 compared to AED 412.8 million in 2020.
Saeed Al Qatami, CEO of Deyaar said the country had seen growth across economic sectors in 2021 thanks to the government’s efforts to combat COVID-19.
Deyaar’s Regalia skyscraper project in Business Bay has achieved sales of AED 1 billion, the company said in a statement.
Construction works in the third and fourth phases of its Midtown project, close to Dubai Production City, are also progressing according to schedule, with completion rates reaching 37 percent and 53 percent, respectively, and its hospitality portfolio also saw strong growth, the company said.
“The company's hospitality portfolio also witnessed an outstanding growth in occupancy rates, driven by the lifting of travel restrictions and the full return of tourism activities in the country,” Qatami added.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
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