Over the past two decades, Deyaar has delivered an extensive portfolio of commercial and residential properties. Image Credit: Supplied

Dubai: Real estate developer Deyaar Development reported a 77 per cent increase in profit in the first half of 2023, at Dh118.5 million compared to Dh66.9 million in the year ago period.

The developer attributed record numbers to higher construction progress in Regalia at Business Bay, Noor and Mesk districts handover in Dubai Production City

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Deyaar’s revenue surged 70 per cent to reach Dh628.9 million compared to Dh369.4 million in H1-2022.

“The positive H1 2023 financial results were achieved due to strong performance executed by all business segments of the company, especially the property development business, which was the dominant revenue contributor,” said Saeed Al Qatami, CEO of Deyaar. Following our positive. “Q1 financials, the results were driven by several factors, including the success of recent projects and the increased frequency of the company’s project launches.”