Deyaar reveals $2.3m of net profits for H1 2020

The Dubai developer said they will continue to work on its projects according to schedule under the current situation

Deyaar Development's Midtown project in Dubai
Deyaar Development
Deyaar Development's Midtown project in Dubai

Dubai-based real estate developer Deyaar Development has released its financial results for the first half of 2020 which revealed a $2.3m (AED 8.5m) in net profits and revenues of $47.5m (AED 174.5m).

The financial results for the six months ending 30th June 2020 were approved during a board meeting on the 12 August.

Deyaar paid tribute to its steady financial results for its projects such as its Midtown and Bella Rose developments.

Commenting on financial results, Deyaar CEO  Saeed Al Qatami said during the last period, the company was keen to ensure the continuity of its business in various sectors while taking all precautionary measures and complying with the decisions issued by government authorities.

“The company continued the construction work on its existing projects, in addition to providing all property and facilities management services to our clients, as well as handover of units to the new owners in Midtown project,” said Al Qatami.

He added: “In Deyaar, we will continue to work on our projects according to schedule under the current situation. The completion rate of Bella Rose project in Al Barsha South has exceeded 75%, and construction for the third phase of Midtown residential project will start soon, which will add 7 new buildings to the development.”

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