UAE-based Deyaar Development’s net profit grew by 7.5% in 2024, reaching $129 million
Dubai real estate company Deyaar Development made a $129 million (AED 474 million) profit in 2024, a 7.5% increase, mainly due to higher earnings from property development.
Deyaar’s 2024 Financial Results
Deyaar earned $411.6 million (AED 1.51 billion) in revenue in 2024, a 20.5% increase, according to a stock market filing on Tuesday.
Revenue from property development grew by 25.6% to $324.8 million (AED 1.19 billion), while income from other businesses increased by 5%.
Earnings per share (EPS) rose to 10.83 fils, up 7.55% from 2023. The company’s total assets increased by 5.95% to $1.89 billion (AED 6.95 billion), and shareholder equity grew by 7.2% to $1.44 billion (AED 5.3 billion).
Deyaar was founded in 2002 and is listed on the Dubai Financial Market. Dubai Islamic Bank (DIB) owns most of the company.
Company Highlights
In November 2024, Deyaar entered Abu Dhabi’s market by launching the RIVAGE residential project on Al Reem Island with Arady Properties. In February, it introduced the ELEVE project in Downtown Jebel Ali as part of Dubai’s 2040 Urban Master Plan. A month earlier, it launched Rosalia Residences in Al Furjan, Dubai.
Deyaar has projects in Business Bay, Dubai Marina, Al Barsha, DIFC, Jumeirah Lake Towers, Dubai Production City, Dubai Silicon Oasis, Al Barsha South, and Al Barsha Heights.
UAE Real Estate Growth
The UAE’s real estate market grew significantly in 2024, with more property developments and infrastructure investments, according to the state news agency WAM.
Total real estate transactions reached about $243.1 billion (AED 893 billion) by the end of the year, with over 331,300 deals recorded.
Dubai led the market with 226,000 transactions worth $207.1 billion (AED 760.7 billion).
Published: 12th February 2025
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