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Deyaar plans new launches as profit rises three-fold

A view of Deyaar's Midtown project in Dubai Production City Deyaar
A view of Deyaar's Midtown project in Dubai Production City

Deyaar Development, majority-owned by Dubai Islamic Bank (DIB), reported a nearly three-fold rise in net profit for the third quarter on new project launches amid a recovery in the emirate’s real estate market.

Net profit for the three-month period reached AED119 million ($32.41 million), compared to AED36.35 million a year earlier, the developer said in a statement published on the Dubai Financial Market.

Revenue jumped 49.65 percent to AED310.87 million in the third quarter of 2023, compared to AED207.72 million in the same period last year.

The developer reported a net profit of AED237.5 million in the first nine months of 2023, surging 130 percent, compared to AED103.25 million a year ago.

Revenue increased 68.83 percent year on year to AED939.80 million.

“Our increase in revenues is primarily attributed to the substantial growth in property development revenue amounting to AED334.6 million. This achievement is fuelled by the recognition of revenue from Tria and Mesk, coupled with accelerated construction progress in Regalia,” said CEO Saeed Al Qatami. 

The developer is working on a “re-imagined” development pipeline and designs, with new launches to be announced in the coming months.

In its project update, Deyaar confirmed that main construction works at Tria, a luxury residential tower in Dubai Silicon Oasis, are progressing as planned. 

Meanwhile, nearly 50 percent of the tower floor slabs have been cast at Regalia, a residential tower in Business Bay.