The Dubai developer Deyaar has resumed profitability after recently undergoing a capital restructuring, with the H1-2022 figure standing at Dh66.9 million. This is 196% more than during the same time in 2021.
Deyaar decided to make the capital change in order to erase its previous losses and reset for fresh opportunities as Dubai’s real estate industry continues to draw attention. The company’s earnings increased by 24% to Dh369.4 million.
“Revenues from development activities have increased as we started recognizing revenues from the sales of our (skyscraper) Regalia project, as construction is progressing according to schedule,” said Saeed Al Qatami, CEO of Deyaar.
“The hospitality portfolio performance continues to grow in line with the strong recovery of the tourism sector in the UAE.”– Saeed Al Qatami of Deyaar
The CEO noted that the removal of accumulated losses will “improve the company’s appeal to investors and positively reflect on Deyaar’s share price.”
Launch time
Additionally, last month saw the debut of “Tria” at Dubai Silicon Oasis, which attracted additional investors to the Deyaar fold. It has 711 residential units on 32 levels.