2020 CW Power 100: Saeed Mohammed Al Qatami ranked at No. 58
In the last 12 months, Deyaar Development noted significant progress at its Midtown development and Bella Rose projects
Saeed Mohammed Al Qatami, the CEO of Dubai Financial Market-listed real estate developer Deyaar returns to the Power 100 list in 2020.
In the last 12 months, the developer noted significant progress at its Midtown development and Bella Rose projects.
With a built-up area of 464,515m2, the Midtown development comprises 27 buildings across six districts. In November 2019, Deyaar completed construction works on the Afnan District project, the first of the six districts.
February this year saw the developer complete and handover the Dania district, which features six buildings with 570 residential units.
Deyaar also unveiled Noor, a seven-building development and the third district within Midtown featuring 593 units.
The developer recorded a 43.8% decline in revenues in Q1 2020 ending on 31 March, 2020, gliding from $47.9m (AED175.8m) in the previous year to $26.9m (AED98.9m).
Meanwhile, profit in the same period stood at $707,868 (AED2.6m), compared to $5m (AED18.3m) in Q1 2019 after recording a precautionary provision for impairment of $2.7m (AED10m) for some investment properties.
Cick here to view the full 2020 Construction Week Power 100 ranking.