Deyaar announces $45.7 million net profit for third quarter of 2016

Deyaar Development PJSC (Deyaar), a major property developer and real estate service provider in Dubai, released its third quarter results this week.

The company's net profit was $45.7 million, with total revenues at $710 million.
 
Deyaar has also recently announced that work is underway on its latest project, a hotel and serviced apartment complex situated close to the Mall of Emirates in the Al Barsha area. The development, which is a response to increasing demand for hotel and serviced apartment accommodation, will have 408 units -- 299 hotel rooms and 109 services apartments.

The property will be located on a total plot size of 70,800 square feet and will be completed by early 2018.
 
“Over the course of the year, we have made significant progress on our flagship developments,” a representative said. “Deyaar’s diversified portfolio which includes project development, property management, facilities management and owners’ association management is growing, while our differentiated offerings, appealing to both mid-market and luxury customers, continues to advance Deyaar’s status as a leader in the sector.”