Dubai-listed Deyaar Development plans to launch a Dh1.5 billion ($408 million) project in the emirate by the end of this year and expects revenue growth of 15 to 20 per cent in 2025 amid a boom in the UAE’s real estate sector.
The project in Dubai Production City will have more than 1,000 units and will be completed in two years, Deyaar’s chief executive Saeed Al Qatami told The National.
“There is still demand and we don’t see demand reducing. A lot of interest among people [for property], not only in Dubai, but in other emirates as well, " he said. “Wherever I have travelled in the last six months, whether in the US or Europe, a lot of people are interested in moving to Dubai."
Government initiatives, stability and growth in the economy are encouraging more people to relocate to the UAE, he added.
The announcement of the new project comes after Deyaar unveiled its first residential project in Abu Dhabi this week. The Dh800 million project, Rivage, is on Al Reem island and includes more than 300 one, two and three-bed room units. Prices start at Dh1.2 million.
The UAE property market has been booming in recent years on the back of government initiatives such as residency permits for retired and remote workers and the expansion of the 10-year golden visa programme. Overall growth in the UAE’s economy due to diversification efforts is also supporting the property market.
During the third quarter, average prices in the Dubai residential market rose close to 20 per cent year-on-year, underpinned by a 19 per cent rise in average apartment prices and a 23 per cent increase in average villa prices, according to a report from CBRE.
Abu Dhabi’s average apartment prices registered a year-on-year increase of nearly 9 per cent and average villa prices grew by more than 8 per cent during the same period.
The Abu Dhabi market is “very attractive and we’ve seen the amount of supply that is going to come in Abu Dhabi in the next three years is not that as much as we have launched in Dubai", Mr Al Qatami said.
In the first three quarters of this year, 1,442 apartments and 593 villas were completed in Abu Dhabi, representing 22.8 per cent of the expected residential pipeline for the whole of 2024, according to a recent report from ValuStrat. Scheduled project completions for 2024 total 8,907 residential units.
Deyaar also plans to launch more projects in Dubai next year and is looking at opportunities in the Northern Emirates as part of its expansion plans, Mr Al Qatami said.
The new projects will be funded through its own resources, but the company will approach banks to borrow if required. “We have good liquidity of close to Dh1.8 billion” to fund new projects, the chief executive said.
The company’s cash and bank balances stood at Dh1.77 billion at the end of September, up from Dh1.33 billion at the end of December, according to its third quarter financial statement. Borrowings stood at close to Dh453.6 million, while the total assets reached Dh6.75 billion at the end of September, up from Dh6.5 billion at the end of December.
The company this week reported a third-quarter profit after tax of nearly Dh140 million, up more than 17 per cent annually as revenue rose 21 per cent to Dh376 million.
Deyaar expects its profit for the whole of this year to be higher than 2023, and anticipates annual revenue growth of 15 to 20 per cent in 2025, as it continues to sell more homes, Mr Al Qatami said.
In February, it launched a Dh700 million project in Dubai’s Jebel Ali, after launching Rosalia Residences in Al Furjan in January, which has sold out.
Demand is matching supply in Dubai's residential market currently and, while more supply is expected next year, "I don’t think that will bring the market drastically down but it will stabilise”, Mr Al Qatamai said.
There has been a lot of interest from customers in India, the Far East, Europe and Turkey to buy property in Dubai, he added.
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Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Results
6.30pm Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m, Winner Bandar, Fernando Jara (jockey), Majed Al Jahouri (trainer).
7.05pm Meydan Classic Listed (TB) $175,000 (Turf) 1,600m, Winner Well Of Wisdom, William Buick, Charlie Appleby.
7.40pm Handicap (TB) $135,000 (T) 2,000m, Winner Star Safari, Mickael Barzalona, Charlie Appleby.
8.15pm Handicap (TB) $135,000 (D) 1,600m, Winner Moqarrar, Fabrice Veron, Erwan Charpy.
8.50pm Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m, Winner Secret Advisor, William Buick, Charlie Appleby.
9.25pm Curlin Stakes Listed (TB) $175,000 (D) 2,000m, Winner Parsimony, William Buick, Doug O’Neill.
10pm Handicap (TB) $135,000 (T) 2,000m, Winner Simsir, Ronan Whelan, Michael Halford.
10.35pm Handicap (TB) $175,000 (T) 1,400m, Winner Velorum, Mickael Barzalona, Charlie Appleby.
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,200m, Winner: ES Rubban, Antonio Fresu (jockey), Ibrahim Aseel (trainer)
5.30pm: Handicap (PA) Dh85,000 (T) 1,200m, Winner: Al Mobher, Sczcepan Mazur, Ibrahim Al Hadhrami
6pm: Handicap (PA) Dh80,000 (T) 2,200m, Winner: Jabalini, Tadhg O’Shea, Ibrahim Al Hadhrami
6.30pm: Wathba Stallions Cup (PA) Dh70,000 (T) 2,200m, Winner: AF Abahe, Tadgh O’Shea, Ernst Oertel
7pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: AF Makerah, Tadhg O’Shea, Ernst Oertel
7.30pm: Maiden (TB) Dh80,000 (T) 1,600m, Winner: Law Of Peace, Tadhg O’Shea, Satish Seemar
The specs: 2018 Ford F-150
Price, base / as tested: Dh173,250 / Dh178,500
Engine: 5.0-litre V8
Power: 395hp @ 5,000rpm
Torque: 555Nm @ 2,750rpm
Transmission: 10-speed automatic
Fuel consumption, combined: 12.4L / 100km
The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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THE BIO
Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.
Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.
Personal motto: If something’s meant for you it won’t pass you by.
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
