{"id":41867,"date":"2017-01-25T19:40:07","date_gmt":"2017-01-25T12:40:07","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=41867"},"modified":"2017-01-25T16:53:27","modified_gmt":"2017-01-25T09:53:27","slug":"dubai-developer-deyaars-profit-falls-in-2016-in-face-of-challenging-market","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-developer-deyaars-profit-falls-in-2016-in-face-of-challenging-market\/","title":{"rendered":"Dubai developer Deyaar's profit falls in 2016 in face of 'challenging' market"},"content":{"rendered":"


\nDeyaar’s profit fell by a quarter last year despite rising revenue as the Dubai property developer said it faced a “challenging” market.Net profit fell 25.7 per cent to Dh216 million from Dh291 million a year earlier, according to a filing.Deyaar said that company revenue for last year increased 66.5 per cent compared with a year ago to Dh428 million. The company said that was mainly because of construction progress at The Atria and Mont Rose hotel apartment projects.Deyaar was initially formed as the property management arm of Dubai Islamic Bank and then spun off as a private property company floated on the Dubai Financial Market.In 2014, after it was hit hard by the global financial downturn, the company started to work on refocusing its existing developments towards Dubai’s hotel sector ahead of Expo 2020.Deyaar said it was currently developing about 1,000 hotel rooms in Dubai.The company said that it expected to complete construction of The Atria and Mont Rose hotel apartment projects in Business Bay and Dubai Science Park later this year, and to start work on a first phase of its Dh3 billion Midtown mixed-use project in International Media Production Zone.However, the moves come as Dubai hotels come under continuing pressure from an increase in supply.According to JLL, room rates in Dubai fell by 10.5 per cent in the first 10 months of last year compared with the same period the previous year as 18 new hotels added 6,733 rooms during the first eleven months of the year.In December, Deyaar started offering guaranteed annual returns of 7 per cent for two years to investors on serviced apartments in The Atria – a 30 storey tower in Business Bay – that will be managed by Millennium & Copthorne Hotels when the building is expected to be completed later this year.”The measures taken by Deyaar to generate efficiencies, optimise our business model and deliver great product to the market have continued to produce results in 2016,” said Saeed Al Qatami, Deyaar’s chief executive. “While there is no doubt the market faced challenges in 2016, real estate remained a standout asset class for investment.” lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Dubai developer Deyaar’s profit falls in 2016 in face of ‘challenging’ market<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Deyaar’s profit fell by a quarter last year despite rising revenue as the Dubai property...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-41867","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-aTh","jetpack-related-posts":[{"id":48192,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/deyaar-chief-looks-to-drive-dubai-developers-recurring-income\/","url_meta":{"origin":41867,"position":0},"title":"Deyaar chief looks to drive Dubai developer's recurring income","date":"March 16, 2017","format":false,"excerpt":"\r Deyaar's plans to generate more recurring revenue has come a step closer as the Dubai developer's nearly 1,000 hotel rooms and serviced apartments will be ready for occupancy by October next year. The company only has a handful of retail units within its asset management portfolio but it is\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4319,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-reports-full-year-gains-despite-the-address-downtown-dubai-blaze-writedown\/","url_meta":{"origin":41867,"position":1},"title":"Emaar reports full-year gains despite The Address Downtown Dubai blaze writedown","date":"February 11, 2016","format":false,"excerpt":"\r \r Emaar Properties posted fourth-quarter results that missed expectations after a Dh301 million writedown arising from the New Year's Eve, blaze at its flagship hotel in Dubai. Net profit in the three months to December 31 was Dh1.03 billion, a 1 per cent drop from a year earlier, the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4321,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-earnings-hit-by-the-address-downtown-dubai-blaze-writedown\/","url_meta":{"origin":41867,"position":2},"title":"Emaar earnings hit by The Address Downtown Dubai blaze writedown","date":"February 11, 2016","format":false,"excerpt":"\r \r Emaar Properties posted fourth-quarter results that missed expectations after a Dh301 million writedown arising from the New Year's Eve, blaze at its flagship hotel in Dubai. Net profit in the three months to December 31 was Dh1.03 billion, a 1 per cent drop from a year earlier, the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25639,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cityscape-global-video-millennium-copthorne-to-manage-three-of-deyaars-dubai-hotels\/","url_meta":{"origin":41867,"position":3},"title":"Cityscape Global video: Millennium & Copthorne to manage three of Deyaar's Dubai hotels","date":"September 9, 2016","format":false,"excerpt":"\r Nasser Amer, VP Sales with Deyaar, speaks to Arabian Business about the developer's projects, and about Dubai's property market.\r \r Source : arabianbusiness.com\r Read more...Cityscape Global video: Millennium & Copthorne to manage three of Deyaar's Dubai hotels","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25207,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/contractor-for-deyaars-dh3bn-midtown-project-likely-by-year-end\/","url_meta":{"origin":41867,"position":4},"title":"Contractor for Deyaar's Dh3bn Midtown project likely by year-end","date":"September 6, 2016","format":false,"excerpt":"\r Deyaar Development has tendered the main contract for phase one of its Dh3 billion Midtown project in International Media Production Zone, with a main contractor likely to be in place by the end of the year. The Dubai developer said that phase one will contain two of the project's\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41454,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/deyaar-set-to-develop-mixed-used-project-in-dubai-south\/","url_meta":{"origin":41867,"position":5},"title":"Deyaar set to develop mixed-used project in Dubai South","date":"January 22, 2017","format":false,"excerpt":"\r Developer Deyaar has signed an agreement on a new, 1.27 million square feet project within the district's residential zone.A memorandum of understanding has been signed between the organisations to set up a 50:50 joint venture with a view to bringing forward the new mixed-use project, which will contain residential,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/41867"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=41867"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/41867\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=41867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=41867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=41867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}