GulfBase Live Support
Deyaar Development PJSC (“Deyaar”), one of Dubai’s leading property developers and real estate service providers, today announced its financial results for the third quarter of 2017.
The company reported revenues of AED 512 million for the first nine months of the year as compared to AED 261 million in same period in 2016, representing a 96% year-over-year rise in revenue. The increase is attributable to robust sales and acceleration of progress in the construction of Deyaar’s flagship projects, including The Atria and Mont Rose, both of which currently exceed 80 per cent completion. Midtown is on track to be completed by Q3 2019.
Deyaar recorded gross profit of AED 182 million [As of Q3 2016: AED 105 million] while the net profit reached AED 100 million [As of Q3 2016: AED 167 million]. Net profit for the same period 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: “Over the past nine months of 2017, Deyaar has made major headway in three of our flagship projects while focusing on expansions within the hospitality segment to further grow our portfolio. With the significant progress on our developments, Deyaar is witnessing a new cycle of growth that aligns perfectly with our longterm strategic plan driven by UAE Vision 2021.”
In April, the company appointed Belhasa Engineering and Contracting Company as the main contractor for its Midtown Afnan and Dania districts in a contract worth AED 600 million.
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.
Deyaar Development, one of the UAE’s leading property development companies, has appointed Condor Building Contracting as the main contractor for its 18-storeyed residential project, Bella Rose, laun
Deyaar Development, one of the leading property developers in Dubai, UAE, has reported a year-on-year increase in revenues which hit Dh176 million ($48 million) for the first quarter of 2018, up 25 p
Deyaar Development, one of Dubai’s leading property developers and real estate service providers, said it has won the prestigious Best Real Estate Project – Affordable Housing Award for Midtown at th
Reinforcing its position as one of Oman’s most dynamic and innovative Islamic banking institutions, Alizz Islamic Bank has signed an MoU with Al Raffd Fund in the field of financing small and medium
Oman Daily Observer
Sabic showcased its wide range of innovative, environment friendly agri-nutrient solutions targeted to specific needs of each crop and help improve yields at 37th International Trade Exhibition for A
Etihad Etisalat (Mobily), a top telecom provider in Saudi Arabia, has signed an agreement with Ericsson, a leader in remote data and telecom to Saudize and enhance the quality of services Mobily offe
Waha Capital, a leading investment company based in Abu Dhabi, UAE, has acquired a significant minority stake worth $88 million in Dubai-based Petronash Holdings, a global oilfield services and manuf
Zain Group, the leading mobile telecom operator in eight markets across the Middle East and Africa, announced the launch of its pioneering Zain Drone service in Kuwait, with the plan to expand its op