Deyaar's Abu Dhabi project on track, says CEO
18 May 2025 17:10
A. SREENIVASA REDDY (ABU DHABI)Deyaar, the Dubai-based realty company, said its Abu Dhabi project, RIVAGE, was on track for completion in the last quarter of 2027.Deyaar Chief Executive Officer Saeed Mohammed Al Qatami disclosed this in response to a specific query from Aletihad during an online 2025 first-quarter earnings call.The work on Deyaar's first project in Abu Dhabi will commence either at the end of this month or the beginning of the next, Qatami said. 'Enabling contract tenders and the detailed designs from the consultant' for the project had been finalised, he added.Deyaar Development, a Dubai Financial Market (DFM)-listed company, has reported a strong start to the year. Its net profit before corporate tax for the first quarter surged to Dh119.8 million, reflecting a remarkable 54% year-on-year (YoY) increase from Dh77.6 million in the same period of 2024. The company also saw strong growth in revenue, which reached Dh433 million in Q1 2025, representing a 32% rise compared to Dh327.8 million in Q1 2024.Qatami said: 'Our positive financial results for Q1 2025 reflect Deyaar's long-term strategic vision that has positioned us as a trusted and preferred developer in the UAE's dynamic real estate landscape. The consistent growth that we are experiencing stems directly from our well-planned project launches and our ability to identify emerging opportunities across the emirates.'Listed on the DFM and majority-owned by Dubai Islamic Bank (DIB), Deyaar's net capitalisation stands at Dh4 billion.
The shares of the company are trading at Dh0.915, whereas the book value stands at Dh1.22, implying the stock is undervalued. Most analysts have issued a 'Buy" rating on the share.
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