(MENAFN- Khaleej Times) Deyaar Development on Sunday declared Dh168 million net profit and Dh261 million revenues for the first nine months of 2016. The company said property revenues in projects remained robust at Dh175 million for the nine-month period ending September 30 2016, while expenses decreased from Dh132 million for the three quarter period in 2015 to Dh114 million in 2016.
Saeed Al Qatami, chief executive officer of Deyaar, said: "Deyaar has continued to perform strongly in 2016 with significant increases in revenues and .. net profit. This confirms that our long-term strategy is adaptable to Dubai's evolving real estate environment and that customers continue to trust Deyaar's differentiated propositions."
Deyaar's diversified portfolio includes project development, property management, facilities management and owners' association management is growing. In August 2016, Deyaar announced that work is underway on its latest project, a hotel and serviced apartment complex situated close to the Mall of Emirates in Al Barsha area. The development will tap into the increasing demand for hotel and serviced apartment accommodation and comprises 408 units, including 299 hotel rooms and 109 serviced apartments. With a total plot size of 70,800 square feet, the property is expected to be completed by the first quarter of 2018.
In line with Deyaar's ongoing drive to support Dubai's tourism and hospitality sector needs, the company announced a deal with leading global hotel group Millennium & Copthorne in September 2016.
The strategic alliance spans three of Deyaar's current developments, further expanding its exposure to the burgeoning hospitality sector. The combined scale of the developments is 953 hospitality units, including one, two and three-bedroom serviced apartments and four-star hotel rooms. All three are scheduled for completion from late 2017 to early 2018.
Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), Deyaar is one of Dubai's leading developers, with real estate ventures spanning key growth corridors and prime locations within the emirate. Over the years, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality. -
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