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Press Release
Deyaar reports increase in Q1 2023 profits, exceeding AED 56
million
Dubai, UAE 9 May 2023: Deyaar Development PJSC ("Deyaar"), one of the leading real estate
developers and service providers in Dubai, has reported increase in its profits in Q1 2023
compared to the profits of the same period in 2022. This was announced in a filing to the
Dubai Financial Market, where Deyaar shares are traded.
Deyaar's financial performance in Q1 2023 reflected impressive results, in a clear
demonstration of the company's continued growth and financial stability. With profits of AED
56.4 million in Q1 2023, Deyaar achieved a remarkable 125% increase from the same period
in 2022, where profit stood at AED 25 million. In addition, Q1 2023 profits enjoyed a 37% over
Q4 2022’s reported profits of AED 41 million.
Based on its strategic plan, Deyaar is expected to further grow its revenue in next few years
and to achieve this the company intends to focus on monetising and developing new projects
on remaining plots, assess potential joint ventures and replenish the land bank with new
diversified land. It will also have a phased development strategy focused on availability,
profitability and diversification.
Saeed Al Qatami, CEO of Deyaar, said: "Our Q1 results are a testament to Deyaar's progress,
our sound business strategies and prudent financial practices. It shows the company is well-
positioned to achieve continued growth and success well into the future. The remarkable
profit follows a successful financial year and includes achieving unprecedented success in
selling our recent project launches, such as Regalia at Business Bay, Tria in Dubai Silicon Oasis
and Mar Casa at Dubai Maritime City. Deyaar has significantly increased the frequency of its
project launches and today the company has reached a pivotal turning point in its journey
and looks towards a brighter future for the benefit of all its customers and investors."
Moreover, the company's revenue has also grown significantly over the past few months due
to impressive construction progress at Regalia in Business Bay and the exceptional
performance of its developments such as, Noor and Mesk, in Dubai Production City.
The increase in profit and growth has driven major changes to the business, with an increased
focus on prioritizing digital transformation initiatives to improve and modernize its business
operations, while leveraging digital technologies to enhance efficiency, automate processes,
and deliver the best service to customers.
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, Deyaarhas delivered an extensive portfolio of commercial and residential properties, all
offering the highest levels of service and quality.
-ENDS-
About Deyaar
Deyaar Development PJSC is a leading real-estate developer and real-estate services company,
headquartered in Dubai. Since its establishment in 2002, the company has registered exponential
growth to become an industry leader in the region, with a share capital of AED4.38 billion.
Deyaar is well-positioned to play a pivotal role in the development of the region's property landscape.
The company’s in-depth market intelligence, world-class services, and unrivalled property
management support for communities across diverse portfolios have firmly consolidated its pioneering
status in the region’s real estate landscape.
Combining excellence with a vision to create natural living environments while placing customers at
the core of its strategies, Deyaar serves as a one-stop real estate solutions provider. Under this profile,
its scope includes the delivery of end-to-end property development and property management
services across the UAE.
Deyaar provides facility management services for its portfolio of commercial and residential units. The
company spearheads an association management team to ensure the wellbeing of Deyaar’s
homeowners as a key priority. Deyaar complies with the escrow legislation and relevant property laws
in the UAE, and it is registered with the Real Estate Regulatory Authority under reference number
15/07.
Media Contact:
Gambit Communications
Showkat Rather
Senior Account Manager
Tel. + 971 55 1378653
Showkat@gambit.ae

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