Deyaar, the leading real estate developer in the UAE has reported a net profit of AED 140 million for the year 2005, which marks a 92 per cent increase compared to 2004. The company’s performance in 2005 has greatly improved and is expected to grow substantially over the coming years as Deyaar is consolidating its presence in the market.
Dr. Mohammad Khalfan Bin Kharbash, Chairman of Deyaar and Dubai Islamic Bank said, “The remarkable progress achieved by Deyaar is a result of the commitment of a dedicated team and the trust and support of investors. Deyaar can be assured of strong backing from Dubai Islamic Bank which will enable the company to effectively implement its strategy and successfully achieve its corporate objectives.”
Commenting on the results, Zack Shahin, CEO of Deyaar, said, “2005 was a very successful year for us, both in terms of expanding our client base with the launch of several mega projects and with regard to the financial performance of the company. A 92 per cent increase in profits is indeed a commendable achievement and we are confident of maintaining this momentum in the coming years.”
“The real estate market in the region has been witnessing unprecedented growth in the recent years, with new projects being launched every other day. The demand for high quality, luxurious and well-designed commercial and residential projects is rising steadily and Deyaar has been able to capitalise on this market trend with our relentless commitment to quality and customer satisfaction,” added Shahin.
Deyaar, the leading real estate company headquartered in Dubai was launched in 2002 as a 100 per cent subsidiary of Dubai Islamic Bank. The company was set up with a capital base of AED 500 million to provide a range of property development, management, leasing and brokerage services for residential and commercial properties. Deyaar manages over 16,000 residential and commercial units across 700 buildings. The company’s emphasis on value added services and its in-depth understanding of customer-needs have been a major factor behind its significant growth and success in the recent years.
