Deyaar Development, one of Dubai’s leading developers and real estate service providers, has announced that its revenue for the first quarter remained consistent at Dh175.8 million ($47.8 million), compared to last year's figures of Dh176.5 million.

Announcing the results for the first quarter, Deyaar said its net profit for the period rose to Dh18.3 million.

On its key achievements, Deyaar said its project pipeline includes several handovers in 2019.

The first quarter 2019 saw Deyaar officially launch Millennium Atria Business Bay, its first hospitality project with Millennium Hotels and Resorts, Middle East and Africa. Deyaar’s second hospitality project to launch in 2019 will be the Millennium Al Barsha, which will be operational before the end of Q2.

Construction on the Afnan and Dania districts of Deyaar’s Midtown development is ongoing, with the projects at almost 80% completion. Sales in both districts have exceeded 90%, and handover is expected in 2019, it added.

CEO Saeed Al Qatami said: “With several planned project launches and handovers in the coming year, we are looking forward to a strong 2019. Our first hospitality project, Millennium Atria Business Bay, has been well received and we will shortly be adding a second hospitality project to our portfolio when the Millennium Al Barsha launches in the next few months."

"These, coupled with the upcoming handover of Midtown’s Dania and Afnan districts, puts us in a solid position for continuing 2019 on a high note,” he added.

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, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.-TradeArabia News Service