Deyaar’s FY24 Net Profit Reach $137.6 Million

Supported by real estate growth in the UAE, Deyaar Development, one of the leading real estate developers and service providers in Dubai, on Tuesday said that in net profit before corporate tax, rose to $137.6 million in 2024 from $119.98, a 14.68% increase compared with the previous year.

Announcing its preliminary unaudited financial results for the full year ending 31 December 2024, the company, in a regulatory filing with Dubai Financial Market (DFM), said that the total revenue grew by 20.61%, reaching $411.87 million in 2024 as against $341.49 million in 2023.

Deyaar has attributed the increase in revenue to a rise in Property Development revenue, which saw an increase of 25.6%, reaching $325.05 million in 2024 compared with $258.67 million in 2023. It also reported a 5% increase in revenue from other businesses in 2024 compared with 2023, and total assets grew by 5.8% in 2024 compared to 2023.

Deyaar has demonstrated remarkable agility throughout the year, reinforcing its position as a key player in the real estate market. The company’s profound understanding of market dynamics has enabled it to capitalise on emerging opportunities, driving sustainable growth and innovation.

Over the past two decades, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.

Key Player

Deyaar Development CEO Saeed Mohammed Al Qatami said that Deyaar reinforced its position as a key player in the UAE’s real estate market through strategic expansion and a steadfast commitment to growth.

The company’s recent expansion into Abu Dhabi, highlighted by the launch of RIVAGE in collaboration with Arady Properties, underscored their dedication to meeting the evolving demands of our customers while supporting the UAE’s broader vision for economic and urban development, he averred.

In addition to their efforts in Abu Dhabi, the company has been actively expanding its footprint across other Emirates, aiming to create unique experiences that enhance urban living. The successful launch of strategically located projects in Dubai, such as ELEVE, Rosalia Residences, and Park Five, reflects our commitment to delivering exceptional value while integrating sustainability and wellness into our developments, he said.

“By accelerating project timelines and enhancing our construction capabilities, we are dedicated to exceeding stakeholder expectations while embracing innovation and pursuing strategic growth opportunities throughout the Emirates. As we move forward, Deyaar will continue to shape the future of the UAE’s real estate sector, developing vibrant, future-ready communities that reflect our vision for excellence in urban living,” he added.

Deyaar Development is majority-owned by Dubai Islamic Bank (DIB) and one of Dubai’s leading developers, with real estate ventures spanning key growth corridors and prime locations within the emirate.