Dubai’s Deyaar Development swung to full-year profit last year as revenue jumped on new project launches amid continuing recovery in the UAE’s property market.
Net profit for the 12-month period to the end of December climbed to Dh51 million ($14m), compared with a net loss of about Dh217m in 2020, the company said in a statement to the Dubai Financial Market, where its shares are traded.
Revenue for the reporting period rose 22 per cent year-on-year to Dh505m. The company’s operating profit more than doubled to Dh63m at the end of 2021, up from about Dh25m in 2020.
“The year 2021 witnessed remarkable growth across various economic sectors in the country … and our results for the year were in line with this growth,” Saeed Al Qatami, chief executive of Deyaar, said.
The property market in the UAE, the second-biggest Arab economy, has made a strong recovery from the pandemic-induced slowdown amid business and social reforms and government stimulus measures to support economy.
The value of property deals in Dubai more than doubled last year and broke a 12-year record in terms of real estate sales transactions, buoyed by demand in the secondary real estate market as the UAE economy continued to rebound.
Pent-up demand and improved investor sentiment have also helped to drive property sales. New initiatives, such as visas for retirees and the expansion of the 10-year golden visa programme, are expected to further support the property market, industry experts say.
Deyaar, which is expanding its portfolio of hospitality and recurring income generating properties, has also benefited from a strong recovery in the emirate’s tourism sector.
“The company's 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,” Mr Al Qatami said.
Data published by Dubai’s Department of Economy and Tourism showed the emirate attracted 7.28 million international visitors last year, a 32 per cent year-on-year growth. In the fourth quarter alone it received 3.4 million visitors, around 74 per cent of pre-pandemic levels.
Deyaar, majority owned by the UAE’s biggest Sharia-compliant lender Dubai Islamic Bank, continued to launch new projects in 2021.
The company sold all units in its Regalia project, a luxury residential tower in Business Bay last year, which helped in boosting its revenue.
Deyaar plans to launch several projects this year in Jumeirah Village Circle, Al Furjan and at its Midtown master development in Dubai Production City, vice president of sales, Nasser Amer, told The National in November.
Deyaar will finance the new projects through a mix of debt and equity, as well as proceeds from sales, Mr Amer said at the time.
The Greatest Royal Rumble card as it stands
The Greatest Royal Rumble card as it stands
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Chris Jericho
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v tba
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
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Hales' batting career
Tests 11; Runs 573; 100s 0; 50s 5; Avg 27.38; Best 94
ODIs 58; Runs 1,957; 100s 5; 50s 11; Avg 36.24; Best 171
T20s 52; Runs 1,456; 100s 1; 50s 7; Avg 31.65; Best 116 not out
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
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Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
