Deyaar announces 2010 Financial Results

Deyaar Development, a regional real estate company dedicated to innovation, customer care and long-term sustainability, announced today its financial results for the 12 months ending December 31, 2010, which was an extremely challenging period for the real estate sector in the UAE and wider region. 

In 2010, Deyaar focused on strengthening its core operations, while also maintaining a conservative approach towards enhanced impairment provisions. This prudence in financial reporting positions the company to enter 2011 with a healthier balance sheet and a greater ability to respond to evolving market conditions. 

Demonstrating Deyaar’s commitment to consolidation and project completion, the company has already handed over four projects so far this year, ensuring that it continues to meet the needs of its clients.

At the same time, Deyaar is increasingly focused on extending its property and facility management business, which is contributing increasingly to the profitability of the company. Currently, Deyaar manages over 14,000 commercial and residential units.

As a consequence of writing down the value of select assets and investments, and reflecting the extremely challenging market conditions last year, the company reported today a net loss of AED 2,305 million for the year ending December 31, 2010. Despite these writedowns and impairment provisions, Deyaar’s book value per share stood at AED 0.763 as of December 31, 2010. 

“As we enter a period of increased stability in the UAE property sector, in line with more positive macroeconomic conditions, Deyaar now looks to 2011 with renewed confidence, as well as with an enduring focus on customer care and service innovation,” said Saeed Al Qatami, Chief Executive Officer, Deyaar. 

Last month, Deyaar announced a series of strategic partnerships with leading UAE-based financial institutions to offer highly competitive home finance options to its clients. These partnerships will facilitate Deyaar in assisting its customers in securing easier access to credit at a time of generally restrained liquidity.