Deyaar Development PJSC (‘Deyaar’), one of Dubai’s leading property developers and real estate service providers, recently announced its preliminary financial results for the full year ended December 31, 2016.
The company reported a sharp increase in 2016 revenues to AED 428.3 million [2015: AED 257.1 million], an increase of 67 per cent, mainly due to construction progress in the developer’s The Atria and Mont Rose projects. This in turn led to a 55 per cent increase in 2016 operating profit to AED 218.9 million [2015: AED 141.4 million]. The increase in both revenues and operational profit in 2016 reflect healthy and sustainable growth of the company’s business.
Saeed Al Qatami, CEO of Deyaar, said, “The measures taken by Deyaar to generate efficiencies, optimise our business model and deliver great product to the market have continued to produce results in 2016. While there is no doubt the market faced challenges in 2016, real estate remained a standout asset class for investment. With key projects like The Atria and Mont Rose scheduled for delivery in 2017, the commencement of work on the Midtown master development, our ambitious plans for the hospitality sector with around 1000 keys under development, the intention of launching new projects as well as our recently announced plans for Dubai South, the Deyaar team is cautiously optimistic about prospects for the year ahead.”
The developer began 2017 by announcing an MoU to establish a joint venture with Dubai South to develop a Mixed use project comprising residential property, retail and hospitality facilities. By 2017, Deyaar plans to deliver Mont Rose in Al Barsha South and The Atria in Business Bay.