Deyaar Development PJSC

Deyaar Development PJSC has launched its first residential project in Abu Dhabi, named RIVAGE, on Al Reem Island. This development is a result of a strategic partnership with Arady Properties PSC. RIVAGE offers a variety of luxury living options, including 1, 2, and 3-bedroom residences, duplexes, Sky Villas, and Sky Palaces, all with world-class amenities and sustainable design. The project is strategically located near key facilities such as Zayed International Airport, universities, and malls. Deyaar's CEO, Saeed Mohammed Al Qatami, expressed excitement about expanding into Abu Dhabi, highlighting the project's blend of city life and waterfront serenity. Khaled Al Fahim, Chairman of Arady Properties, emphasized the collaboration's success and the project's potential to become a sought-after residential destination.

Deyaar Development PJSC reported a net profit before tax of AED 202.6 million for the first half of 2024 (H1 2024), marking a 71% year-over-year (YOY) increase from AED 118.5 million in H1 2023. The company's total assets grew by 6%, reaching AED 6,598 million as of June 30, 2024, compared to AED 6,226 million a year earlier. Revenue for H1 2024 was AED 664.4 million, up from AED 628.9 million in H1 2023. Earnings per share increased by 59%, from 2.71 fils in H1 2023 to 4.31 fils in H1 2024. Additionally, Q2 2024 saw a 101.41% YOY profit growth, amounting to AED 125.1 million. CEO Saeed Mohammed Al Qatami attributed the growth to strategic directions and business models, highlighting significant milestones such as the release of dividends and the launch of new projects like Rosalia Residences and ELEVE in Dubai.