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Deyaar’s Midtown is located in Dubai Production City. The company on Sunday reported revenues of Dh98.8 million and net profit of Dh2.6 million for the first quarter of 2020. Image Credit: Deyaar

Dubai: Deyaar Development (Deyaar), one of Dubai’s leading property developers and real estate service providers, on Sunday reported revenues of Dh98.8 million and net profit of Dh2.6 million for the three months ending 31st March 2020 after recording a precautionary provision for impairment of Dh10 million for some investment properties.

“The beginning of 2020 has brought with it unprecedented pandemic that had its impact around the world, but the UAE government has taken various and strong measures to minimize that impact on the health and safety of the residents as well as the economy. We at Deyaar will remain, committed to the continued growth and development of the UAE,” Saeed Al Qatami, CEO of Deyaar.

Last February, Deyaar announced the completion and handover of Dania district, the second phase of its mage project, Midtown with six buildings with 570 residential units. The company also announced the launch of the third phase in the project “Noor District” which will add seven more buildings with 593 units to Midtown.