Staff Report
Dubai, UAE
Deyaar Development, a leading real estate developer in Dubai, reported a 14.68 percent increase in net profit before corporate tax, rising to Dh505.4 million in 2024 from Dh440.7 million in 2023.
However, its total revenue jumped 20.61 percent increase, reaching Dh1.51 billion in 2024 compared to Dh1.25 billion in 2023. The increase in revenue is attributable to a rise in Property Development revenue, which saw an increase of 25.6 percent, reaching Dh1.19 billion in 2024 compared to Dh950.1 million in 2023.
The company also reported a 5 percent increase in revenue from other businesses in 2024 compared to 2023, and total assets grew by 5.8 percent in 2024 compared to 2023. Earnings per share increased by 8 percent to reach 10.83 fils in 2024, up from 10.07 fils in 2023.
Saeed Mohammed Al Qatami, CEO of Deyaar Development, said: “As we conclude a year of strong financial performance, Deyaar reinforces its position as a key player in the UAE’s real estate market through strategic expansion and a steadfast commitment to growth. Our recent expansion into Abu Dhabi, highlighted by the launch of RIVAGE in collaboration with Arady Properties, underscores our dedication to meeting the evolving demands of our customers while supporting the UAE’s broader vision for economic and urban development.
“In addition to our efforts in Abu Dhabi, we are actively expanding our footprint across other Emirates, aiming to create unique experiences that enhance urban living. The successful launch of strategically located projects in Dubai, such as ELEVE, Rosalia Residences, and Park Five, reflects our commitment to delivering exceptional value while integrating sustainability and wellness into our developments.
“By accelerating project timelines and enhancing our construction capabilities, we are dedicated to exceeding stakeholder expectations while embracing innovation and pursuing strategic growth opportunities throughout the Emirates. As we move forward, Deyaar will continue to shape the future of the UAE’s real estate sector, developing vibrant, future-ready communities that reflect our vision for excellence in urban living.”
Deyaar has demonstrated remarkable agility throughout the year, reinforcing its position as a key player in the real estate market. The company’s profound understanding of market dynamics has enabled it to capitalize on emerging opportunities, driving sustainable growth and innovation.
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 past two decades, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.
Since its establishment in 2002, the company has registered exponential growth to become an industry leader in the region, with a share capital of Dh4.38 billion.
Ends
Also read: Deyaar launches Phase 2 of Park Five in Dubai Production City
