Deyaar announces preliminary Q1 results registering AED51 million in net profit

Deyaar Development PJSC (Deyaar), a customer-focused, trusted and valued developer with in-depth market intelligence and property management expertise, today announced its preliminary Q1 financial results registering AED51.03 million in net profits, and AED60.2 million in revenue. The developer marked a significant increase in revenue compared to AED36.2 million for the same period last year.

Saeed Al Qatami, CEO of Deyaar, said: “Deyaar’s strategy of continuously diversifying its portfolio of developments and services has helped us avoid the adverse impact of any fluctuations in the real estate sector as a result of global economic conditions such as declining oil prices. The results achieved in the first quarter of 2016 affirm that our corporate strategy of putting our stakeholders and their assets first remains sound and strong.”

He added: “Dubai is well known for launching pioneering projects that diversify the nature of supply and demand in the real estate landscape, for the short and long term. We aim to retain our leading status and remain an influential player in this dynamic market through continuously implementing new strategies and prime projects in line with Dubai’s vision to emerge as one of the premier real estate destinations in the world.”

Contributing to its financial performance was Deyaar’s recently launched Dania District, the second phase of its mega Midtown development - which includes six residential blocks ranging from G+7 to G+16 buildings comprising a total of 579 apartment units in varying sizes.

In addition to delivering end-to-end property development and property management services and overseeing a wide range of property units across the UAE, Deyaar today also provides facility management services to commercial and residential units.