Press releases, Reports & Disclosures for Deyaar Development PJSC

Dubai-based real estate developer, Deyaar Development, and Abu Dhabi-based Arady Properties have signed a Memorandum of Understanding (MoU) to establish a joint residential development project on Al Reem Island in Abu Dhabi. The MoU aims to define the project's commercial objectives, provide a framework for further negotiations, and explore joint ownership development. The agreement was signed by Deyaar CEO, Saeed Al Qatami, and Arady Properties' Managing Director, Khalifa Alzaabi. The collaboration aims to contribute to the growth of Abu Dhabi's real estate sector by offering distinctive residential options for both local and international customers.

Deyaar Development, a leading Dubai-based real estate developer, reported a 130% year-on-year increase in profits for the first nine months of 2023, with a total profit of AED 237.5 million, up from AED 103.3 million in 2022. Revenue also rose to AED 939.8 million, a substantial increase from the AED 577.2 million reported in the same period in 2022. The company’s Q3 2023 profits surged 227% to AED 119.02 million, and revenue increased by 50% to AED 310.9 million. The growth is attributed to strong property sales and the performance of recurring revenue businesses. The company's CEO, Saeed Al Qatami, attributed the revenue increase to growth in property development revenue, which amounted to AED 334.6 million.