Dubai: The Dubai developer Deyaar recorded a net profit of Dh63.1 million for 2021, mirroring the strong gains made by the wider property market and by the company with its ongoing and new projects. Last year, Deyaar was among the handful of Dubai developers to get back to offplan launches, scoring an immediate hit with the Regalia skyscraper at Business Bay.
The hospitality portfolio also witnessed outstanding growth in occupancy rates, driven by the lifting of travel restrictions and the full return of tourism activities in the country.
Deyaar will be most pleased by its return to profits, with the net coming to Dh50.8 million against a loss of Dh216.9 million in 2021. The loss was brought on by impairment charges and fair value adjustments on its asset portfolio. It was also the year that local developers felt the full weight of pandemic-influenced sales decline.
Contracts have been awarded for the construction, and Regalia along with the soon to be completed Uptown Tower in DMCC district on Shaikh Zayed Road being Dubai's next-generation super-tall structures. The Uptown Tower is 340 metres high and will have 81 storeys.
The construction work in the third and fourth phases of Midtown are also progressing according to schedule, with completion rates reaching 37% and 53%, respectively.
But 2021 marked a return to form. “During the year, the company launched Regalia project, a luxury residential tower in Business Bay and successfully sold out all the units,” said Saeed Al Qatami, CEO. "Additionally, we made great progress in the construction of the third and fourth phases of Midtown project."
