26/01/2017 08:03 AST
Deyaar Development, one of Dubai's property developers and real estate service providers, today announced its preliminary financial results for the full year ended December 31st, 2016.
The company reported a sharp increase in revenues to Dhs428.3 million compared to Dhs257.1 million in 2015, reporting an increase of 67 percent, mainly due to construction progress in the developer's The Atria and Mont Rose projects. This in turn led to a 55 percent increase in operating profit to Dhs218.9 million, whereas in 2015, it was Dhs141.4 million.
The increase in both revenues and operational profit reflect healthy and sustainable growth of the company's business.
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, the 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."
2016 saw Deyaar embark on a series of international marketing initiatives in response to demand from Indian investors, including roadshows to New Delhi and Mumbai, and exhibiting at the Dubai Property Show in Mumbai. The developer also entered into strategic partnerships with Turkish real estate brand, Ascioglu, to introduce Deyaar's popular Midtown development to Turkish investors, and with leading global hotel group, Millennium and Copthorne, to operate three upcoming hospitality developments in Dubai.
The developer began 2017 by announcing an MoU to establish a joint venture with Dubai South to develop a mixed-use project comprising residential property, retail and hospitality facilities.
The Gulf Today
Please wait...
