Dubai: The Dubai developer Deyaar get into a total loss of Dh216.9 million for 2020 after taking debilitation costs as well as the revaluation of its gain. Without these additions, Deyaar was counting profit of Dh24.5 million, along with revenues totaling Dh412.9 million.
This shows a deep loss from 2019’s total gain of Dh71.5 million and revenues of Dh603.7 million.
“The biggest challenge we faced was in the hospitality sector; however we trust that the hospitality business picks up and will return to grow again, especially with the efforts made by the government in taking all the precautionary measures while making great progress in the vaccination program,” said Saeed Al Qatami, CEO.
Deyaar accompanied other Dubai developers to have witnessed figures loss as market conditions remain exceptionally harsh. Those with hotel-related advantages were mainly affected by what COVID-19 brought in its wake.
On the private side, Deyaar recently completed the Bella Rose undertaking at Dubai Science Park in front of the timetable and began the handover of the units. The organization likewise reported the arrangement of a primary worker for hire and began development on the third and fourth periods of the Midtown project, while conveying the first and the subsequent stages early a year ago.