Profits treble at Deyaar Development

21 July 2008
Dubai-based property developer Deyaar Development has announced a net profit for the second quarter of 2008 of AED247m ($67m), almost three times the figure for the same period in 2007.

The figure represents an increase of 22 per cent compared with AED202m in the first quarter 2008 and a 184 per cent rise on the figure of AED87m in the second quarter of 2007.

Deyaar’s revenues in the second quarter of 2008 reached AED823m, an increase of 79 per cent compared with the AED460 in the first quarter of the year.

The developer is involved in numerous projects in Dubai. In January, it announced plans to build a AED1.5bn tower project at Business Bay in Dubai.

Known as Bristol Towers, the two 29-storey buildings, one residential and one commercial are to be called Bristol Residency and Bristol Executive.

In late 2007, the company formed Saudi Deyaar, a joint venture with two Saudi-based firms, Arabian Arkan for Commercial Investment and Ibrahim Abdullah Abunayyan & Brothers, to pursue real estate opportunities in Saudi Arabia (MEED 20:11:07).

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