UAE: Deyaar's profits jump in 2024
Total revenue increased by 20.61% year-on-year (YoY) to AED 1.51 billion in 2024 from AED 1.25 billion in 2023. This was due to a 25.60% rise in Property Development revenue, which reached AED 1.19 billion in 2024, compared to AED 950.10 million.
Earnings per share (EPS) jumped by 8% YoY to 10.83 fils in the January-December 2024 period from 10.07 fils.
Additionally, the net profits before corporate tax climbed by 14.68% to AED 505.40 million in 2024 from AED 440.70 million a year earlier.
Saeed Mohammed Al Qatami, CEO of Deyaar, said: 'Our recent expansion into Abu Dhabi, highlighted by the launch of RIVAGE in collaboration with Arady Properties, underscores our dedication to meeting the evolving demands of our customers while supporting the UAE's broader vision for economic and urban development.
'By accelerating project timelines and enhancing our construction capabilities, we are dedicated to exceeding stakeholder expectations while embracing innovation and pursuing strategic growth opportunities throughout the Emirates,' Al Qatami highlighted.
As of 30 September 2024, Deyaar logged net profits valued at AED 348.80 million, an annual growth of 47% from AED 237.50 million.
All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sharjah 24
6 hours ago
- Sharjah 24
Al Dhaid Date Festival wraps up with record sales, visitor growth
Organised by the Sharjah Chamber of Commerce and Industry (SCCI), this year's edition attracted over 30,000 visitors—a 25% increase from the previous edition—generated more than AED 2 million in sales, and awarded 110 participants across various date competitions, solidifying the festival's reputation as one of the leading agricultural and trade events in the region. Closing ceremony honours contributors and partners During the closing ceremony, His Excellency Abdallah Sultan Al Owais, Chairman of SCCI, presented awards to competition winners and acknowledged key partners for their contributions. Honourees included H.E. Rashid Khalifa Al Mahyan, Chairman of the Parents Council for Male and Female Students in the Central Region, and Dr. Rashid Al Mazrouei, a heritage studies expert. Strong industry and community participation This year's festival saw wide participation from major date producers, palm farmers across the UAE, and over 15 agricultural companies showcasing sustainable farming technologies. A model for sustainable development His Excellency Abdallah Sultan Al Owais noted that the festival reflects Sharjah's commitment to advancing agriculture through sector-specific initiatives and attracting companies offering advanced farming tools, training programmes, and consultations. Preserving agricultural heritage for future generations H.E. Mohammed Ahmed Amin Al Awadi, Director-General of SCCI, highlighted the festival's ongoing role in preserving traditional palm cultivation knowledge and integrating it with modern technologies to ensure the sustainability and resilience of the sector. Promoting cultural identity and agricultural sustainability Mohammad Musabah Al Tunaiji, General Coordinator of the festival, emphasised its dual focus on sustainable palm cultivation and cultural identity. Through traditional activities and competitions, visitors are introduced to the UAE's deep-rooted agricultural heritage. Platform for productive families and home businesses In line with the UAE's 'Year of Community', this edition spotlighted home-based businesses and productive families offering handmade crafts and authentic Emirati dishes. Exhibits included palm frond products, traditional foods, local honey, spice blends, and Arabic coffee. Expanded competitions reflect sector diversity This year featured new and expanded competitions for date varieties like Khneizi, Khalas, and Shishi, as well as elite categories for regional farmers. Special contests targeted women and children, along with red fig and local lemon categories. Launch of 'Busharat Al-Qeith' farmer recognition initiative The SCCI introduced the 'Busharat Al-Qeith' initiative to recognise pioneering farmers with early harvests, aligning with the festival's goal of encouraging excellence and innovation in agriculture. AI-driven judging enhances transparency The Organising Committee introduced AI technology into the judging of the flagship 'Mazaiena Al Rutab' (Dates Beauty) contest. The system uses advanced analysis of date quality, size, and appearance, ensuring fair and efficient evaluations. Workshops equip farmers with modern skills A series of expert-led workshops and seminars offered training in best practices and emerging technologies for palm care, reinforcing the festival's role in both heritage preservation and agricultural advancement. Youth engagement through innovation and leadership The festival hosted an interactive youth session by the Sharjah Youth Council (SYC) in collaboration with the UAE Youth Entrepreneurship Council. Themed 'At the Heart of Sharjah Central Region.. Our Youth: Leadership and Growth,' the event launched the 'Innovate with Dates' competition for 2026, encouraging youth to develop creative, commercially viable products from dates. New youth council to represent Central Region During the session, SYC announced the formation of the "Central Region Youth Council," set to launch on International Youth Day, August 12. The council will provide a platform for youth to shape local initiatives and drive regional development.
Fintech News ME
11 hours ago
- Fintech News ME
DIFC Sees Record Growth in H1 2025 with 32% Surge in New Firms
Dubai International Financial Centre (DIFC) recorded its strongest first-half results to date, with continued growth across financial and innovation sectors, as well as increased participation from new companies and institutions. Between January and June 2025, a total of 1,081 new companies joined DIFC, representing a 32% increase compared to the same period in 2024. The total number of active firms now stands at 7,700. The increase reflects growing interest in Dubai and the DIFC as a base for regional and international operations. The number of firms regulated by the Dubai Financial Services Authority (DFSA) has reached 980. DIFC remains the only financial centre in the region operating at scale across banking, capital markets, asset management, insurance, and other financial services sectors. The Centre noted increased intra-community business activity as a result of this concentration. DIFC also reported a 72% rise in hedge fund registrations over the past 12 months, with 85 such entities now based in the Centre. The financial ecosystem includes 440 wealth and asset management firms, 289 banking and capital markets institutions, and 135 insurance-related companies. The number of family-related entities and foundations continues to grow, supported by Dubai's role as a regional wealth hub. DIFC is currently home to 1,035 family-related entities and 842 foundations. The innovation and technology segment also expanded, with 1,388 AI, fintech, and Innovation firms now operating within DIFC, a 28% year-on-year increase. Ignyte, the Centre's digital platform for start-ups, has delivered AED 182 million in documented benefits since its launch in late 2024. A proptech Hub has also been introduced to support innovation in the real estate sector, in line with Dubai's Real Estate Strategy 2033. To support ongoing growth, DIFC is developing over 1.6 million square feet of new commercial space, with occupancy expected to begin from Q1 2026. The workforce within the Centre increased by 9% over the past year to 47,901 people. The DIFC Academy, in partnership with 32 education and training providers, continues to support skills development across sectors. 'DIFC's continued success is powered by the best infrastructure, progressive legislation, robust regulation, and an unmatched community,' said Arif Amiri, Chief Executive Officer of DIFC Authority. 'Aligned with the D33 Agenda, we are not just driving the future of finance, we are building it together.'
Web Release
11 hours ago
- Web Release
Union Properties signs AED 700 million sale agreement, paving way for sustainable growth
Union Properties PJSC ('Union Properties' or the 'Company') (DFM symbol: UPP), has signed a conditional sale agreement valued at AED 700 million for a significant Real Estate project in Motor City. This marks a pivotal milestone in the Company's strategic roadmap, effectively concluding its comprehensive recovery plan which was designed to resolve all legacy debt settlements and restore long-term financial strength. Building on a record AED 1.3 billion in plot sales achieved in 2024 as part of its comprehensive debt restructuring strategy, this latest agreement is expected to be recognized in the Company's Q4 2025 financials. Importantly, the Real Estate project will contribute meaningfully to the continued evolution of MotorCity, one of Dubai's most established and sought-after communities. Structured under a deferred payment framework, the agreement further reinforces Union Properties' disciplined financial approach, with the initial deposit already secured, ensuring strong cash flow visibility and continued balance sheet optimization. Upon completion, the proceeds will enable the Company to fully settle its legacy debt, marking the culmination of a multi-year recovery strategy. This milestone positions the Company to pivot decisively toward a new phase of sustainable growth, strategic capital deployment, and long-term value creation for its shareholders. Eng. Amer Khansaheb, CEO and Board Member of Union Properties, commented on the achievement, stating: 'This transaction is more than a sale – it is a signal of strength. With this transition, we bring our recovery plan to a close, settle all legacy debts, and lay the foundation for a bold new chapter. This milestone reflects not only the trust and confidence of the market in our vision, but also the resilience and discipline of our team in executing one of the most successful turnaround strategies in the sector. Today, we build from a position of strength, focused on strategic development, long-term value creation, and a sustainable impact across the UAE's Real Estate landscape.' Union Properties remains committed to delivering value-driven, market-responsive developments that elevate communities and support Dubai's broader urban vision. As the Company continues to execute its strategic objectives, this landmark transaction signals its resilience, agility, and forward momentum in an increasingly competitive market.
