Deyaar's Midtown is seeing quite a bit of activity, both project side and on sales. Image Credit: Supplied

Dubai: Investors have a reason to cheer as Deyaar Development recorded a fairly healthy rise in first quarter 2021 net profits to Dh15.1 million from Dh2.6 million a year ago. This is the first financials reported by a UAE developer, and hopes are that most of the other listed companies too would have upbeat results to show.

On the revenue side too, there were gains for Deyaar, totalling Dh149.2 million compared to Dh98.8 million for last year. More ready properties in its portfolio will have helped. 

Saeed Al Qatami, CEO, said: “We were able to achieve our results due to our continuous efforts and commitment to deliver our projects on time. We have a portfolio of ready and offplan residential units which witness a high demand."

Early this year, Deyaar announced the handover of Bella Rose project in Dubai Science Park, featuring 478 residential units and 12 retail spaces. The construction work of the third and fourth phases of the integrated residential project Midtown is ongoing, according to the plan which will add 11 more buildings to the project.