Deyaar, one of the most prominent private realtors in the UAE, recently announced its first dividend distribution as the company turned itself around, riding on the current boom in the country’s real estate.
“This transformation is the result of our team’s hard work for the past years, addressing many legacy and business matters to enable the company to become one of the key players in the Dubai real estate market,” Hani Fansa, chief operating & transformation officer at Deyaar, told Khaleej Times in an interview.
UAE Real Estate Market Growth
The real estate industry in the UAE is still steadily growing. By the end of 2024, Statista predicts that the UAE real estate market will have grown to an astounding $710 billion. The residential real estate sector dominates this market and is expected to have a $410 billion market value. Similarly, JLL MENA’s UAE Real Estate Market Overview from earlier this year predicts continued strong growth across all key asset classes in the UAE real estate industry.
Deyaar’s Restructuring and Settlement
Post-COVID, Deyaar discussed the need to restructure its capital and eliminate the accumulated losses carried over for years. It also finalised a Dh500 million settlement with a government entity to close a chapter entire of legal battles. “Most importantly, Deyaar also realised the need to increase its development activities, which resulted in launching world-class flagship projects across major market segments that offer premium value, location, and service,” Fansa said.
Deyaar’s Financial Performance and Dividends
Deyaar witnessed substantial revenues and a net gain boost, reaching Dh1.254 billion, an additional 56 percent compared to last year. Profit soared 206 percent to reach Dh441 million.
Buoyed by the consequences, Deyaar’s board of directors has suggested distributing 4% of the share funds as dividends for the first time in the company’s record. “With a strong business model and strategic initiatives in place, Deyaar is well-positioned to embark on a new chapter of growth and continued success, further propelled by this momentous milestone. A robust pipeline of projects across our real estate development and other services will ensure that Deyaar continues to play a leading role in the dynamic real estate sector of Dubai and the UAE,” Fansa said.
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Deyaar’s New Projects and Initiatives
Residential Projects
Deyaar launched several new projects recently. His luxury project Mar Casa – a Dh1.1 billion beachfront residence in Dubai Maritime City – sold in record time. “We also introduced the final residential community, Jannat, at our flagship project, Midtown, broke ground at Mar Casa to officially start its construction work, and successfully handed over the Mesk and Noor residential communities at Midtown ahead of their scheduled timeline,” Fansa said.
Hospitality Portfolio
Deyaar also developed its hospitality portfolio with the launch of Millennium Talia Residences, which are elegant hotel apartments managed by Millennium Hotels & Resorts.
Joint Development Project
Deyaar and Arady Properties inked a Memorandum of Understanding to release a joint project at Abu Dhabi’s Al Reem Island. “In addition, we continued to focus on project delivery to maintain our track record of delivering projects on time or even ahead of schedule,” Fansa said.
Upcoming Projects and Future Outlook
The year 2024 began with a rush for Deyaar as it announced the details of ELEVE, a resident project in downtown Jebel Ali. It also disclosed Rosalia Residences’s launch, the developer’s 3rd project in Al Furjan, out of a challenging portfolio worth Dh300 million.
Fansa remains bullish about the country’s real estate. “The UAE’s property market is growing and maturing rapidly, supported by robust demand, dynamic government policies, healthy economic growth, and a global interest in the market. Looking at the future, this growth will only become stronger and feed into the government’s strategic implementation of business-friendly policies, visa reforms, high-end infrastructure, and technology landscape, and a world-class lifestyle that has put the UAE at the center of global attention for foreign investments and entrepreneurship. As one of the UAE’s leading developers, Deyaar is poised to play a pivotal role in this growth, creating world-class sustainable communities of the future backed by our in-depth market intelligence, world-class services, and unrivaled property management support,” Fansa said.
