The company achieved a profit of 36.3 million dirhams (9.88 million dollars) in the third quarter, up from 8.1 million dirhams in the same period last year. Revenues in the third quarter amounted to 207.7 million dirhams, up from 120.7 million a year ago.
At the level of the first nine months of the year, Deyaar Properties’ profits rose to 103.2 million dirhams, compared to 30.8 million dirhams in the same period last year. Revenues increased during the period from the first of January to the end of September to 577.2 million dirhams, compared to 418.2 million dirhams in the same period in 2021.
Saeed Al Qatami, CEO of Deyaar, attributed the strong performance to positive trends in the real estate sector in the UAE.
Following the slowdown caused by the pandemic, Deyaar said it has now accelerated construction on two new projects in Dubai that are expected to be ready for delivery late this year or early 2023.
Last Tuesday, the company’s board of directors recommended to shareholders the approval of a settlement offer of 500 million dirhams in cash with Limitless Real Estate Development, based in Dubai. The offer includes the payment of 200 million dirhams immediately upon signing the agreement, with the remaining amount of 300 million dirhams to be paid within 18 months. Shareholders will be asked to decide on the terms of the agreement at the General Assembly meeting on November 21.
It is noteworthy that Emirati Diyar was established in 2002, with a capital of 4.38 billion dirhams, and it is listed on the Dubai Financial Market.
Dubai’s real estate sector has been resilient amid a rising cost of living and a weak global economic outlook, with total transactions in September increasing by 33.4 compared to the previous year, according to a recent report by CBRE real estate services group.
The consultancy Better Homes said that so far this year, Russia and Britain are the largest sources of investment in Dubai’s property market.
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