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 December 31, 2017.

The company reported revenues of AED 751.6 million in 2017, an increase of 75 per cent compared to AED 428.3 million in 2016. This was driven by steady progress on Midtown construction, which is on track with its Afnan and Dania districts to be completed by Q3 2019 with the next phase to be announced later this year. 2018 will also see Deyaar’s foray into the hospitality sector, and the handover of two of the company’s flagship developments, The Mont Rose and The Atria.

Net profit for 2017 was AED 130.4 million [2016: AED 216.1 million. Net profit in 2016 included a write-back of provision for impairment of investment in an associate and fair valuation gain on investment properties.

Saeed Al Qatami, CEO of Deyaar said: “2017 witnessed significant progress in our projects and our hospitality division, as part of our commitment to diversifying our offering in line with the requirements of the UAE market. In addition to continued work on our portfolio of properties. Looking forward to the year to come, we will hand over two of our flagship properties, The Mont Rose and The Atria, and we are optimistic that 2018 will be a year of positive growth for our company.”  

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.

-Ends-

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 
ASDA’A Burson-Marsteller
Dubai, UAE
+ 971 4 450 7600 
khalid.yahya@bm.com

Ala Hassan
Deyaar Development PJSC
Dubai, UAE
+971 4 384 0950
alah@deyaar.ae

© Press Release 2018