Deyaar’s 9-month net profit flat at Dh101M

dubai — Property developer Deyaar Development recorded on Wednesday a net profit of Dh100.8 million for the 9-month period, almost the same as in the corresponding 2017 period. Revenue for the first 9 months dropped to Dh446 million, from Dh511.9 million in the same period of 2017.

Saeed Al Qatami, chief executive of Dubai-based developer, said the company’s focus this year has been on a strategy of delivering high quality projects to customers, who are now able to enjoy their investments in two iconic properties — The Atria and the Mont Rose.

“Beyond this, we have made significant progress on our ongoing developments in addition to launching new project in Dubai Science Park. We will continue to work to the highest possible standards in order to complete our projects within the set timeline,” Al Qatami said in a statement on Wednesday.

In the first 9 months, Deyaar, which is listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank, has handed over two of its flagship residential towers — The Atria, in Business Bay, and the Mont Rose, located in Dubai Science Park.

“The construction of the Afnan and Dania districts of Deyaar’s Midtown development have reached the halfway point, with unit sales in both districts exceeding 90 per cent,” Deyaar said.

A family-friendly community with a built-up area of 5.5 million sqft, Midtown comprises 27 buildings across six districts, that will share a single-level podium covering retail, parking and essential services.

Situated in Dubai Production City, Midtown offers easy access to many local amenities, and provides excellent transport links to Dubai International Airport, Dubai Mall, Mall of the Emirates, and Al Maktoum International Airport, as well as the Dubai Expo 2020 site.

Work on the Deyaar Millennium Hotel and Serviced Apartments, located close to Mall of the Emirates in Al Barsha, is expected to wrap up by the end of 2018. Deyaar Millennium has a total built up area of more than 450,000sqft. The hotel will have 408 units, including 299 hotel rooms, of which 15 will be suites, in addition to 109 serviced apartments - a mix of 93 one-bed and 16 two-bed apartments.