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Press Release
Deyaar reports remarkable 77% growth in profit in H1 2023,
reaching over AED 118 million
Dubai, UAE – 03 August 2023: Deyaar Development PJSC ("Deyaar"), one of the leading real
estate developers and service providers in Dubai, has announced positive financial results for
the first half (H1) of 2023 compared to the corresponding period of 2022.
The H1 2023 financial results have shown the company's substantial growth, with a 77%
increase in profits reaching AED 118.5 million compared to AED 66.9 million during the same
period in 2022. Also, the net profit in Q2 2023 increased by AED 29.4 million (90%) to reach
AED 62.1 million from AED 32.7 million in Q2 2022.
The company also achieved an increase in revenue by 70% to reach AED 628.9 million
compared to AED 369.4 million in H1 2022.
Saeed Al Qatami, CEO of Deyaar, said: "Once again, we are happy to report remarkable
financial results this year. The positive H1 2023 financial results were achieved due to strong
performance executed by all business segments of the company, especially the property
development business, which was the dominant revenue contributor. Following our positive
Q1 financials, the results were driven by several factors, including the success of recent
projects and the increased frequency of the company's project launches. Our unwavering
focus remains on fostering innovation, delivering exceptional value to our valued
stakeholders, and capitalizing on growth opportunities within the dynamic real estate sector
in the United Arab Emirates. As we continue to make a positive impact within Deyaar and on
the local economy, we will surely keep building on this progress and achieve even greater
success in the future.
The latest financial results indicated that the increase in revenue was mainly attributable to
increased property development revenue due to higher construction progress in Regalia at
Business Bay, Noor and Mesk districts handover in Dubai Production City. Moreover, the
financials have also been positively impacted by the additional sales generated from both
new and existing projects.
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 past two decades, Deyaar has delivered an
extensive portfolio of commercial and residential properties, all offering the highest levels of
service and quality.
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Press Release
Deyaar commence construction works on three projects in Al Furjan
• Work on the project combining three plots in Al Furjan, Dubai, has already been
initiated and is set for completion in 2025 as scheduled, with a total value of AED
300 million
Dubai, UAE; 26th July, 2023: Deyaar Development PJSC, one of Dubai’s leading property
developers and real estate service providers, has begun construction on its three plots in Al
Furjan comprising of Millennium Talia Residences, Amalia Residences, and development of a
third plot which will be announced soon.
The total value of the project will be approximately AED 300 million, and once completed, the
three plots will comprise residential units and hotel apartments and will include
approximately 371 diverse units consisting of one, two and three bedrooms.
Commenting on the announcement, Ayman Al Hammadi, Senior Vice President –
Development at Deyaar, said: “We are pleased to announce the commencement of
construction works for these important projects in the Deyaar portfolio at the heart of Al
Furjan, one of Dubai’s most up-and-coming districts. The start of construction for a project of
this magnitude is always an essential milestone, as we seek to engage reputed parties with a
proven track record in delivering projects on time and to the highest standards. This vital step
reflects our steadfast commitment to delivering world-class quality and on-time completion
for these three projects in Al Furjan. As with all our projects, we will provide our investors with
construction updates and keep them posted on the key milestones of Millennium Talia
Residences and Amalia Residences as they unfold.”
Millennium Talia Residences will feature exquisitely designed and elegantly furnished hotel
apartments operated by Millennium Hotels & Resorts. Strategically situated at a convenient
location in Al Furjan, one of Dubai’s most popular and vibrant districts, Millennium Talia
Residences is poised to set a new standard of hospitality living within the community. The
project will be the fourth property managed by Millennium Hotels & Resorts under Deyaar’s
extensive portfolio, following Millennium Atria Business Bay, Millennium Mont Rose at Dubai
Science Park and Millennium Al Barsha.Amalia Residences will offer a variety of modern and spacious residential units suitable for
families, consisting of one, two and three bedrooms. The project will provide a wide range of
amenities for residents, including swimming pool, children's pool, play area, and gym.
The project’s location between Sheikh Zayed Road and Sheikh Mohammed Bin Zayed Road
offers convenient access to public transportation, Dubai’s business districts and major tourist
attractions. Al Furjan is seamlessly connected to some of Dubai’s best-known malls, education
and healthcare facilities, entertainment hubs, beaches, parks and more.
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Sentiment: neutral