Deyaar Development Company’s profits fell 86% to reach AED 2.6 million in the first quarter of 2020 compared to AED 18.3 million in the first quarter of 2019. According to Al Bayan newspaper, revenues reached 98.8 million dirhams, and the company recorded contingency provisions for a devaluation of 10 million for some of its investment properties. Saeed 2020 Al-Qatami, CEO of Deyaar Development Company, said: 2020 carried unexpected events, which is the coronavirus pandemic, which affected all parts of the world, as the government made sure The UAE has to take many effective measures and decisions to reduce the impact of the pandemic on the health and safety of all citizens and residents, in addition to reducing its impact on the economy. In Deyaar Development, we maintain our commitment to contribute to driving growth and development in the country, by providing integrated real estate services and high-quality real estate in the housing and hospitality sectors, with the aim of meeting Changing needs. During last February, the company announced the completion and delivery of a Dania area in its integrated project, Midtown, which consists of 6 buildings, comprising 570 housing units, and announced the launch of the third phase , Which is the Noor district, which will add 7 buildings consisting of 593 housing units to the Midtown project.
