Deyaar Releases Q1 2019 Results
Deyaar Development PJSC (“Deyaar”), one of Dubai’s leading property developers and real estate service providers, today announced its financial results for Q1 2019, ended 31 March 2019, reporting revenues of AED 175.8 million and a net profit of AED 18.3 million.
Q1 2019 revenues were consistent with Q1 2018 when revenue was AED 176.5 million.
Deyaar’s project pipeline includes several handovers in 2019. The first quarter 2019 saw Deyaar officially launch Millennium Atria Business Bay, its first hospitality project with Millennium Hotels and Resorts, Middle East and Africa. Deyaar’s second hospitality project to launch in 2019 will be the Millennium Al Barsha, which will be operational before the end of Q2.
Construction on the Afnan and Dania districts of Deyaar’s Midtown development is ongoing, with the projects at almost 80% completion. Sales in both districts have exceeded 90%, and handover is expected in 2019.
Saeed Al Qatami, CEO of Deyaar, said: “With several planned project launches and handovers in the coming year, we are looking forward to a strong 2019. Our first hospitality project, Millennium Atria Business Bay, has been well received and we will shortly be adding a second hospitality project to our portfolio when the Millennium Al Barsha launches in the next few months. These, coupled with the upcoming handover of Midtown’s Dania and Afnan districts, puts us in a solid position for continuing 2019 on a high note.”
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.
Established in 2002 with a paid up capital of AED 18.38 million, Deyaar has grown exponentially over the past decade to become one of the leading real estate development companies in the region, with a share capital of AED 5.78 billion following its IPO in May 2007.