Dubai actual property developer Deyaar reported a greater than threefold annual soar in its 2023 internet revenue, fueled by new initiatives and better revenues due to the UAE’s vibrant actual property market.
Web revenue for the 12 months to the tip of December rose to Dh440.7 million ($120 million), the corporate stated in a submitting of its preliminary unaudited monetary outcomes to the Dubai Monetary Market, the place its shares are traded.
Web working revenue rose 95 % year-on-year to Dh281.3 million, whereas complete property grew 6.5 % year-on-year to greater than Dh6.5 billion.
Revenues over the interval rose 56 % yearly to roughly Dh1.3 billion, pushed by the UAE’s booming actual property market.
The corporate attributed the rise in gross sales to a rise in “actual property improvement revenue of Dh412 million from the sale of properties”.
The developer additionally reported a 15 % annual improve in income from different companies final yr.
“We now have elevated our venture frequency and accelerated a number of development phases to take care of our monitor document of delivering initiatives on time and even forward of schedule,” stated Saeed Al Qatami, CEO of Deyaar Growth.
The corporate’s luxurious venture Mar Casa, a Dh1.1 billion coastal residential vacation spot in Dubai Maritime Metropolis, offered out in document time after its launch in March final yr, the corporate stated.
It additionally transferred the Mesk and Noor residential communities in Midtown forward of their deliberate timetable. Furthermore, it launched the newest residential neighborhood, Jannat, in its flagship venture Midtown.
“The yr 2024 seems much more promising as now we have already began the yr with the launch of Rosalia Residences, our third venture in Al Furjan. As we transfer ahead, we’ll… benefit from strategic development alternatives inside the UAE’s dynamic actual property sector,” stated Mr Qatami.
Dubai’s property market continued to interrupt information in 2023, with 120,742 house gross sales transactions, up 38 % from the earlier document of 87,454 set in 2022, Higher Houses stated.
This development got here primarily from house gross sales, which rose 49 % to 94,155, the company stated.
Deyaar is majority owned by Dubai Islamic Financial institution and is among the emirate’s main builders. Since its founding in 2002, the corporate has delivered an intensive portfolio of economic and residential properties.
Up to date: January 22, 2024, 5:08 PM
