51 million dirhams net profit of “Deyaar Development”

Dubai (Union) Deyaar Development Company recorded during 2021 an increase in revenues by 22% to 504.9 million dirhams compared to 2020, while it achieved a 157% increase in operating profits, which amounted to 63.1 million dirhams in 2021 compared to 24.5 million dirhams in 2020.
The company also announced a net profit of 50.8 million dirhams during 2021, compared to a net loss of 216.9 million dirhams, which was a result of taking provisions and a decrease in the fair value of the company’s assets due to the effects of the Corona pandemic on the real estate and hospitality sectors.
Saeed Al Qatami, CEO of Deyaar Development, said: “The year 2021 witnessed remarkable growth in various economic sectors in the country, thanks to the efforts made by all government agencies in addressing the Corona pandemic, and our results for this year were in line with this growth. Where the company launched the luxury residential Regalia project in the Business Bay area and succeeded in selling all the units in the project, in addition to achieving great progress in the construction operations in the third and fourth phases of the Midtown project. The company’s hospitality sector also witnessed a remarkable growth in occupancy rates, driven by the lifting of travel restrictions and the return of tourism activity in the country.”
Last year, the company announced the launch of the “Regalia” skyscraper project with smart home technologies in Business Bay, which was completely sold out, achieving sales of more than one billion dirhams in a short period of time. It also announced that construction operations in the third and fourth phases of Midtown are going according to schedule, with completion rates reaching 37% and 53%, respectively.