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Deyaar trebles profits to $120m in 2023

By Pramod Kumar
Tria is Deyaar’s first luxury residential tower in Dubai Silicon Oasis Deyaar
Tria is Deyaar’s first luxury residential tower in Dubai Silicon Oasis

Deyaar Development, majority-owned by Dubai Islamic Bank (DIB), recorded preliminary unaudited net profit of AED440.7 million ($119.98 million) in 2023, an annual increase of 206 percent.

Total revenue in 2023 increased 56 percent year on year to AED1.25 billion as income from the sale of properties reached AED412 million, mainly due to higher construction progress in its developments.

“We increased our project frequency and accelerated various stages of construction to maintain our track record of delivering projects on time or even ahead of schedule,” Saeed Mohammed Al Qatami, CEO of Deyaar Development said in a statement. 

“Additionally, we successfully handed over the Mesk and Noor Residential communities at Midtown ahead of their scheduled timeline.” 

Al Qatami said 2024 looks “even more promising”, with the developer starting sales of Rosalia Residences, its third project at Al Furjan.

The Dubai-listed developer expanded its hospitality portfolio with the launch of Millennium Talia Residences, a hotel apartment tower in Al Furjan, and broke ground at Mar Casa at Dubai Maritime City. 

It also signed a memorandum of understanding with Arady Properties to establish a joint development project at Al Reem Island in Abu Dhabi.

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