(MENAFN) Dubai-based Deyaar Development was confirmed to have reahed AED40 million in its net profit during the first quarter of 2018, recording a 25 percent boost.

The developer further reported almost 25 percent increase in its revenues in the first quarter, standing at more than AED176 million.

"Deyaar's steady performance in the first quarter of 2018 is reflected in higher revenues and a healthy net profit," CEO Saeed Al Qatami explained.

The CEO continued "during the first three months of 2018, Deyaar has made major headway in its iconic projects."

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