Deyaar Development (Deyaar), one of Dubai’s leading property developers and real estate service providers, has reported a 6.2 per cent drop in its revenue for 2019 which fell to Dh603.7 million ($164.3 million) from Dh643.7 million ($175.2 million) the previous year.

Announcing the results for the year ended December 31, 2019, Deyaar said its net profit for 2019 too registered a sharp decline plunging from Dh140.1 million in 2018 to Dh71.5 million.

During its first meeting held yesterday (February 11), the board of directors discussed the capital restructuring and recommended reduction of the capital to offset the accumulated losses of Dh1.53 billion after obtaining the necessary approvals according to the rules and regulations of Securities and Commodities Authority and the applicable rules in the UAE.
    
CEO Saeed Al Qatami said: "2019 saw several strong achievements in our portfolio – not least of which is the completion and handover of Afnan, the first district in our Midtown master development, with handover of Dania district currently in progress."

"We also began the operation of our three hospitality projects with a total of 1,000 keys. In 2020, we are planning to move forward with the development of Midtown project and launch new districts with the handover of Bella Rose project by the end of the year," he stated.

Deyaar’s first master development, Midtown comprises six districts, composed of 26 buildings with a built-up area of almost five million sq ft. Afnan and Dania districts are now completed, with new districts to be announced in 2020.

Located in Dubai Production City near Sheikh Mohammed bin Zayed Road, Midtown is designed with community living in mind, creating a family-friendly environment complete with a wide range of amenities and entertainment options.

The development offers over 2,000 units, ranging from studios through to three-bedroom apartments.

There is more than 30,000 sq ft of retail area between Midtown’s Dania and Afnan Districts.

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