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DUBAI / WAM
Deyaar Development, one of Dubai’s property developers and real estate service providers, announced its preliminary financial results for the full year ended December 31, 2016. The company reported increase in revenues to AED428.3 million compared to AED257.1 million in 2015, reporting an increase of 67%, mainly due to construction progress in The Atria and Mont Rose projects. This in turn led to a 55% increase in operating profit to AED218.9 million, whereas in 2015, it was AED141.4 million.
Saeed Al Qatami, CEO of Deyaar said, “The measures taken by Deyaar to generate efficiencies, optimise our business model and deliver great product to the market have continued to produce results in 2016. While there is no doubt the market faced challenges, real estate remained a standout asset class for investment. With key projects like The Atria and Mont Rose scheduled for delivery in 2017, commencement of work on the Midtown master development, our ambitious plans for the hospitality sector with around 1,000 keys under development, the intention of launching new projects as well as our recently announced plans for Dubai South, the Deyaar team is cautiously optimistic about prospects for the year ahead.â€