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Dubai, UAE: Deyaar Development PJSC, one of Dubai’s leading property developers and real estate service providers, today announced its financial results for the first half of 2018, ending June 30, 2018, demonstrating that the company had a solid start to the year.
Deyaar reported revenues of AED314 million for the six months ending June 30, 2018, a 0.7 percent decrease compared to the corresponding 2017 figure of AED316 million. In the same period, the property developer posted a healthy net profit of AED65.2 million, a 2.6 percent decrease compared to the first half of last year [H1 2017: AED 67 million].
Saeed Al Qatami, Chief Executive Officer, Deyaar, said: “The financial performance for the second quarter, and first six months of the year, is a reflection of the robust business model that we operate and is driven by our clear strategy for growth. As we are making significant progress on The Atria, Midtown, and Millennium Deyaar Hotel & Apartments in Al Barsha, we are confident about our ability to further expand Deyaar’s portfolio and continue to see positive results, cementing our status as a leader in the sector.”
Earlier this month, Deyaar has commenced the handover process for The Atria, its second project in 2018. The mixed-use project is located in Business Bay and comprises a four-star hotel apartment tower and a residential tower. Deyaar began 2018 with a strong start, with the handover for the two residential towers in its iconic Mont Rose project.
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
ASDA’A Burson-Marsteller
Dubai, UAE
+ 971 4 450 7600
Ala Hassan
Deyaar Development PJSC
Dubai, UAE
+971 4 384 0950
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