Deyaar Development PJSC

Deyaar Development PJSC, a leading real estate developer in Dubai, UAE, has announced a 206% year-on-year increase in its net profit for 2023, reaching AED 440.7 million. The company's total revenue also saw a 56% increase, reaching AED 1,254.3 million. This growth is primarily attributed to an increase in Property Development revenue, due to higher construction progress and successful sales achievements in 2023. The company also reported a 15% increase in revenue from other businesses. CEO Saeed Mohammed Al Qatami highlighted the launch of several new projects and the successful completion of others as key factors behind the successful year. He anticipates further growth in 2024.

Deyaar Development PJSC has announced the launch of its third project in Dubai's Al Furjan community, Rosalia Residences. The AED 300 million project follows the successful completion and sales of the first two projects, Amalia Residences and Millennium Talia Residences. Rosalia Residences will feature spacious apartments suitable for families, with one, two and three bedroom options. The development is conveniently located opposite the Discovery Gardens 2 Metro Station and close to city amenities. The project aims to provide a unique community living experience and further expand Deyaar's footprint in the thriving Al Furjan community.

Dubai-based real estate developer, Deyaar Development, and Abu Dhabi-based Arady Properties have signed a Memorandum of Understanding (MoU) to establish a joint residential development project on Al Reem Island in Abu Dhabi. The MoU aims to define the project's commercial objectives, provide a framework for further negotiations, and explore joint ownership development. The agreement was signed by Deyaar CEO, Saeed Al Qatami, and Arady Properties' Managing Director, Khalifa Alzaabi. The collaboration aims to contribute to the growth of Abu Dhabi's real estate sector by offering distinctive residential options for both local and international customers.

Deyaar Development, a leading Dubai-based real estate developer, reported a 130% year-on-year increase in profits for the first nine months of 2023, with a total profit of AED 237.5 million, up from AED 103.3 million in 2022. Revenue also rose to AED 939.8 million, a substantial increase from the AED 577.2 million reported in the same period in 2022. The company’s Q3 2023 profits surged 227% to AED 119.02 million, and revenue increased by 50% to AED 310.9 million. The growth is attributed to strong property sales and the performance of recurring revenue businesses. The company's CEO, Saeed Al Qatami, attributed the revenue increase to growth in property development revenue, which amounted to AED 334.6 million.