Dubai property developer Deyaar reported a more than threefold yearly jump in its 2023 net profit, fuelled by new projects and increased revenue on the back of the UAE’s vibrant property market.
Net profit for the 12 months to the end of December increased to Dh440.7 million ($120 million), the company said in a filing of its preliminary unaudited financial results to the Dubai Financial Market, where its shares are traded.
Its net operating profit rose 95 per cent annually to Dh281.3 million, while total assets grew 6.5 per cent year-on-year to more than Dh6.5 billion.
Revenue for the period climbed 56 per cent annually to about Dh1.3 billion, driven by the thriving property market in the UAE.
The company attributed the increase in revenue to a jump in “property development revenue of Dh412 million from the sale of properties”.
The developer also reported a 15 per cent annual increase in revenue from other businesses last year.
“We increased our project frequency and accelerated various stages of construction to maintain our track record of delivering projects on time or even ahead of schedule,” Saeed Al Qatami, chief executive of Deyaar Development, said.
The company’s luxury project Mar Casa, a seafront residential destination at Dubai Maritime City valued at Dh1.1 billion, was sold out in record time after its launch in March last year, the company said.
It also handed over the Mesk and Noor Residential communities at Midtown ahead of their scheduled timetable. Additionally, it introduced the final residential community, Jannat, at its flagship project Midtown.
“The year 2024 looks even more promising, as we have already started the year with the launch of Rosalia Residences, our third project at Al Furjan. As we move forward, we will … capitalise on strategic growth opportunities within the dynamic real estate sector of the UAE,” Mr Qatami said.
The Dubai real estate market continued to break records in 2023, with 120,742 residential sales transactions, up 38 per cent on the previous record of 87,454 set in 2022, Better Homes said.
This growth came predominantly from apartment sales, which increased by 49 per cent to 94,155, the agency said.
Majority-owned by Dubai Islamic Bank, Deyaar is one of the emirate’s leading developers. Since its establishment in 2002, the company has delivered an extensive portfolio of commercial and residential properties.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
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Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
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Rating: 1 out of 4
Running time: 81 minutes
Director: David Blue Garcia
Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham
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Profile of Whizkey
Date founded: 04 November 2017
Founders: Abdulaziz AlBlooshi and Harsh Hirani
Based: Dubai, UAE
Number of employees: 10
Sector: AI, software
Cashflow: Dh2.5 Million
Funding stage: Series A
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
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Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
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TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 
