The Dubai developer Deyaar reported a net profit of Dh63.1 million for 2021, reflecting strong gains made by the wider property market as well as by the company with its existing and new projects. Dubai developer Deyaar was among a select few developers to launch an off-plan building last year, scoring an immediate hit with the Regalia skyscraper at Business Bay.
Deyaar will be most pleased by its return to profits, with the net amount coming to Dh50.8 million against losses of Dh216.9 million in 2021. Due to impairment charges and fair value adjustments made to its asset portfolio, it suffered a loss. In addition, local developers felt the full impact of pandemic-induced sales declines.
But 2021 marked a return to form. “During the year, the company launched Regalia project, a luxury residential tower in Business Bay and successfully sold out all the units,” said Saeed Al Qatami, CEO. “Additionally, we made great progress in the construction of the third and fourth phases of Midtown project.
“The hospitality portfolio also witnessed an outstanding growth in occupancy rates, driven by the lifting of travel restrictions and the full return of tourism activities in the country.”