Deyaar reports AED13.1 mn profit for 9 months

BBN Report

DUBAI/October 5-2020: Deyaar Development, one of Dubai’s leading property developers and real estate service providers, reported AED13.1 million net profit for the nine months ending September 30, 2020.

The company during this period generated revenue of AED288.1 million. Saeed Al Qatami (seen in the picture) , CEO of Deyaar, said that during the past months, the company has successfully maintained efficiency of its operations and continuity of construction work in its on-going residential projects.

“We have also witnessed an increase in domestic tourism leading to gradual demand increase in the hospitality sector as the authorities have eased the restrictions imposed on travel,” Al Qatami noted.

He said the company is working closely with its hotel operator to ensure that the highest health and safety standards are maintained in these hotels, and to follow all precautionary measures and instructions issued by the official authorities.

Al Qatami said the company has also appointed the main contractor for Noor District at the Midtown project, and the contractor has commenced construction work of seven new residential buildings.

Good progress has been made in the construction of the Bella Rose project in Al Barsha South, which is expected to be completed by the end of this year, with the completion rate currently at 90 per cent.

Listed on the Dubai Financial Market (DFM) and majority-owned by Dubai Islamic Bank (DIB), Deyaar is one of Dubai’s leading developers, with real estate ventures spread over key growth corridors and prime locations within the emirate.

Deyaar serves as a one-stop real estate solutions provider and provides facility management services for its portfolio of commercial and residential units.

“Over the years, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality,” the company statement added.

 

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