Diyar Real Estate Development Company increased in the first quarter of this year by about 6 times to about 15 million dirhams, compared with the corresponding period last year, while revenue rose The company is 51% to AED 149 million.
According to Arab Net, Diyar has suffered losses in 2020 about 217 million dirhams, compared with profits in 2019 amounted to AED 71.5 million.
Diyar for Development said that the accumulated losses in 2020 were reportedly resulted in the value of assets as a result of the establishment of the real estate market in Dubai.
During 2020, the company has taken advantages and recording decline in the fair value of its real estate assets as well as its assets in the hospitality sector, as a result of Corona pandemic effects on this sector.
