Deyaar Development, one of Dubai’s leading property developers and real estate service providers, announced its financial results for the six months ended 30th June 2019.

The company reported revenues of Dhs337.6 million in H1 2019, an increase of 7.5 per cent compared to Dhs314 million in same period of last year. Net profit stood Dhs36.7 million, compared to Dhs65.2 million in H1 2018.

For Q2 2019, Deyaar reported revenue of Dhs161.8 million for the three-month period ending June 30th 2019, up 17.6 per cent from Dhs137.6 million in the same period last year. Net profit for Q2 2019 was reported as Dhs18.5 million.

Saeed Al Qatami, CEO of Deyaar said, “2019 so far has seen positive growth for Deyaar as we continue to embrace our diversification efforts and draw near completion on our ongoing projects. With the imminent launch of our next hospitality project in partnership with Millennium Hotels and Resorts MEA and our first Midtown district, Afnan, in its final stages, we look forward to the continued growth of our business in the months to come.” The company has recently announced that the Afnan district in Deyaar’s family-friendly community development, Midtown, is over 96 per cent complete, with the Dania district at 87 per cent completion. Sales in both districts have exceeded 90 per cent, and handover is expected in H2 2019.

Deyaar’s Millennium Al Barsha Hotel project, in partnership with Millennium Hotels and Resorts MEA, is set to open its doors this month for a soft launch. The seven-story property has a total of 408 units, consisting of 109 serviced apartments (with 93 one-beds and 16 two-beds), and 299 hotel rooms (with 15 suites). Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank, Deyaar’s real estate ventures spanning key growth corridors and prime locations within the emirate.

WAM