Deyaar Development PJSC
DEYAAR
TypeCorporation
IndustryReal Estate
FoundedJanuary 2001
Headquarters
Al Barsha 1st, Dubai
,
United Arab Emirates
Key people
  • Saeed Al Qatami (CEO)
  • Abdullah Ali Al Hamli (chair)
OwnerDubai Islamic Bank[1]
WebsiteDeyaar

Deyaar is a UAE-based real estate development and services company. The company develops and sells residential and commercial properties and is majority owned by Dubai Islamic Bank.

History

At inception, Deyaar started as the property management unit of Dubai Islamic Bank. Deyaar was later established as a private shareholding company on January 6, 2001, with a paid up capital of AED 18.38 million, and commenced operations on June 1, 2003.

In May 2007, Deyaar became a public joint-stock company and was listed on the Dubai Financial Market.[2][3]

In 2019, a UAE court ordered Dubai-based developer Limitless to pay Deyaar AED 411.9 million in a land dispute, AED 61.1 million in fees and compensation.[4][5] In October 2022, Deyaar's board of directors approved an AED 500 million cash settlement made by Limitless.[6][7]

Projects Deyaar worked on include the Dh1bn Regalia tower in Business Bay, the Bella Rose development project in Dubai Science Park, and Tria residential tower in Dubai Silicon Oasis.[8][9]

References

  1. ↑ Rahman, Fareed (2022-07-28). "Deyaar's second-quarter profit surges on higher revenue". The National. Retrieved 2023-01-08.
  2. ↑ Release, Press. "Deyaar promises a world-class retail experience at its award-winning development". www.zawya.com. Retrieved 2023-01-08.
  3. ↑ Rahman, Fareed (2022-10-20). "Dubai developer Deyaar reports fourfold jump in third-quarter profit to $9.89m". The National. Retrieved 2023-01-08.
  4. ↑ Rahman, Fareed (2019-12-26). "Deyaar wins Dh411 million claim in land dispute with Dubai developer". The National. Retrieved 2023-01-08.
  5. ↑ Rahman, Fareed (2021-06-06). "Deyaar board approves Dh500m settlement offer from Limitless". The National. Retrieved 2023-01-08.
  6. ↑ "DEYAAR_BODRES_19_10_2022.pdf" (PDF). Dubai Financial Market, PJSC.
  7. ↑ Rahman, Fareed (2022-10-20). "Dubai developer Deyaar reports fourfold jump in third-quarter profit to $9.89m". The National. Retrieved 2023-01-08.
  8. ↑ Rahman, Fareed (2021-11-11). "Cityscape 2021: Deyaar plans to start several projects next year amid higher demand". The National. Retrieved 2023-01-08.
  9. ↑ "Dubai developer Deyaar scores 196% gain in H1-2022 net profit". gulfnews.com. Retrieved 2023-01-08.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.