Deyaar is making steady progress on its Midtown and Al Barsha South projects, with the latter ready for completion this year itself. Image Credit: Gulf News Archive

Dubai: The Dubai developer Deyaar Development recorded net profits of Dh13.1 million from revenues of Dh288.1 million for the first nine months, which pale in comparison with the Dh53 million profit and Dh483.3 million top-line number from a year ago.

In a statement, Saeed Al Qatami, CEO, said: “During the past months, the company has successfully maintained  continuity of construction work in our current residential projects. We have also witnessed an increase in domestic tourism leading to gradual demand in the hospitality sector as the authorities reduced the restrictions imposed on travel."

A main contractor has been appointed for the seven residential buildings making up 'Noor District' at the Midtown project. In addition, construction of the Bella Rose project in Al Barsha South is progressing and expected to be completed by the end of this year.