Dubai-listed developer Deyaar reported a 68 per cent slide in its second-quarter profit as revenue slumped and finance costs rose.
Net profit for the three months to June-end declined to Dh5.9 million, the company said in a statement to the Dubai Financial Market, where its shares trade. Revenue dropped 53 per cent to Dh76m during the period, while finance costs jumped 64 per cent to Dh9.2m.
Provisions and expenses against claims also rose to Dh262,000 in the second-quarter compared with Dh29,000 a year ago.
During the reporting period, Deyaar's chief executive Saeed Al Qatami said, the company was "keen to ensure the continuity of its business in various sectors, while taking all precautionary measures and complying with the decisions issued by [the[ government ”.
“The company continued the construction work on its existing projects, in addition to providing all property and facilities management services to our clients, as well as handover of units to the new owners in Midtown project.”
Deyaar's first-half net profit fell 77 per cent to Dh8.5m as revenue declined 48 per cent to Dh174.5m. Provisions during the period rose to Dh1.2m from 721,000 reported at the end of June in 2019.
Established in 2002, Deyaar – in which Dubai Islamic Bank holds a majority stake – has developed a number of projects in Dubai including in Business Bay, Dubai Marina, Al Barsha and Jumeirah Lake Tower, among others.
“We will continue to work on our projects according to schedule under the current situation,” Mr Al Qatami said. “The completion rate of Bella Rose project in Al Barsha South has exceeded 75 per cent, and construction for the third phase of Midtown residential project will start soon, which will add seven new buildings to the development.”
In April this year, shareholders of Deyaar approved the company's plan to restructure its capital to boost its finances. It also secured approval from the Securities and Commodities Authority to reduce its capital from Dh5.78 billion to Dh4.55b.
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
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COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
