Dubai property developer Deyaar reported more than threefold annual jump in its third-quarter profit, driven by higher revenue on the back of the UAE’s buoyant property market.
Net profit for the three months to the end of September climbed to Dh119 million ($32.4 million) from Dh36.3 million for the same period in 2022, the company said in a filing on Tuesday to the Dubai Financial Market, where its shares are traded.
Revenue for the period rose 50 per cent annually to nearly Dh311 million, driven by the “substantial growth in property development revenue amounting to Dh334.6 million”, according to Saeed Al Qatami, chief executive of Deyaar.
“This achievement is fuelled by the recognition of revenue from Tria and Mesk, coupled with accelerated construction progress in Regalia. Furthermore, the complete portfolio sale of Noor and Mesk has significantly bolstered our financial standing,” he said.
Demand for property continues to rise in the UAE amid government initiatives and overall economic growth propelled by higher oil prices.
In the third quarter of this year, average residential property prices across Dubai grew by 19 per cent on an annual basis and 5 per cent when compared to the previous quarter, with the cumulative increase hitting 30 per cent since the first quarter of 2020, consultancy Knight Frank said in a recent report.
Apartment prices rose by 19 per cent annually during the third quarter, while villa prices jumped by 18 per cent.
Property prices in the emirate's prime markets, including The Palm Jumeirah, Emirates Hills and Jumeirah Bay Island, are expected to rise by 5 per cent next year, while prices in other segments of the residential market are projected to grow at 3.5 per cent, the consultancy said.
Deyaar’s nine-month profit grew 130 per cent year-on-year to Dh237.5 million as revenue rose about 63 per cent to nearly Dh940 million.
The company’s assets grew about 2 per cent to reach Dh6.2 billion by the end of September compared to Dh6.1 billion by the end of December last year.
“As we move into Q4 2023, we continue our journey......with launches to be announced in the coming months,” Mr Al Qatami said.
Deyaar is majority-owned by Dubai Islamic Bank, the biggest Sharia-compliant lender in the UAE.
The main works at Tria, Deyaar’s luxury residential tower in Dubai Silicon Oasis, are “progressing steadily as planned”, while at Regalia in Business Bay, about 50 per cent of the tower floor slabs have been cast, the company said.
Federer's 19 grand slam titles
Australian Open (5 titles) - 2004 bt Marat Safin; 2006 bt Marcos Baghdatis; 2007 bt Fernando Gonzalez; 2010 bt Andy Murray; 2017 bt Rafael Nadal
French Open (1 title) - 2009 bt Robin Soderling
Wimbledon (8 titles) - 2003 bt Mark Philippoussis; 2004 bt Andy Roddick; 2005 bt Andy Roddick; 2006 bt Rafael Nadal; 2007 bt Rafael Nadal; 2009 bt Andy Roddick; 2012 bt Andy Murray; 2017 bt Marin Cilic
US Open (5 titles) - 2004 bt Lleyton Hewitt; 2005 bt Andre Agassi; 2006 bt Andy Roddick; 2007 bt Novak Djokovic; 2008 bt Andy Murray
UAE currency: the story behind the money in your pockets
Squads
Sri Lanka Tharanga (c), Mathews, Dickwella (wk), Gunathilaka, Mendis, Kapugedera, Siriwardana, Pushpakumara, Dananjaya, Sandakan, Perera, Hasaranga, Malinga, Chameera, Fernando.
India Kohli (c), Dhawan, Rohit, Rahul, Pandey, Rahane, Jadhav, Dhoni (wk), Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Thakur.
SERIE A FIXTURES
Saturday
AC Milan v Sampdoria (2.30pm kick-off UAE)
Atalanta v Udinese (5pm)
Benevento v Parma (5pm)
Cagliari v Hellas Verona (5pm)
Genoa v Fiorentina (5pm)
Lazio v Spezia (5pm)
Napoli v Crotone (5pm)
Sassuolo v Roma (5pm)
Torino v Juventus (8pm)
Bologna v Inter Milan (10.45pm)
Scoreline
Germany 2
Werner 9', Sane 19'
Netherlands 2
Promes 85', Van Dijk 90'
Match info
Uefa Nations League Group B:
England v Spain, Saturday, 11.45pm (UAE)
Company%C2%A0profile
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
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Fixtures (all times UAE)
Saturday
Brescia v Atalanta (6pm)
Genoa v Torino (9pm)
Fiorentina v Lecce (11.45pm)
Sunday
Juventus v Sassuolo (3.30pm)
Inter Milan v SPAL (6pm)
Lazio v Udinese (6pm)
Parma v AC Milan (6pm)
Napoli v Bologna (9pm)
Verona v AS Roma (11.45pm)
Monday
Cagliari v Sampdoria (11.45pm)
More from Neighbourhood Watch:
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MATCH INFO
Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
UAE currency: the story behind the money in your pockets
