Deyaar Development, the Dubai-listed real estate firm, expects its second half revenues and profit to improve "slightly" from the first six months of 2017, as the firm continues to focus on generating income from its operations, its chief executive Saeed Al Qatami said on Monday.
“We will continue in the same trend. We might be slightly better in terms of revenues than the first half [of 2017], Mr Al Qatami told The National at Cityscape Global in Dubai, where Deyaar unveiled its Dh1 billion South Bay residential development in Business Bay.
Mr Al Qatami said the company's bottom line estimates for the last six months of the year are also higher, but “very slightly”.
Deyaar reported a year-on-year jump of 135 per cent in revenues to Dh316.4 million for the first half of the year, driven by sales and progress on under construction properties. However, profit for the period declined to Dh67m from Dh111.3m in the same period of 2016.
“There was one thing that was evident from our numbers [first-half bottom line], as this time we have made sure that our profit was purely coming from our own operations,” Mr Al Qatami said, adding that this will be the company’s strategy for the remainder of the year.
The firm plans to put 20 per cent of its own equity into funding the construction of the South Bay development. The remaining funding for the project will be secured via a combination of revenues and bank debt, Mr Al Qatami said, without specifying how much money the firm intends to borrow from lenders.
“We have been very shy in terms of borrowing in the past few years and we have been able, over the last 12 months, to raise funds mainly through our recurring income,” he said, noting that the land for the development has already been fully paid for.
South Bay will be Deyaar’s first project with three accommodation components: residential, serviced apartment, and hotel units. It will comprise 926 units, from studios through to three-bedroom apartments.
The hotel apartments and serviced apartments represent 478 of the more than 2,000 keys that Deyaar plans to add to the hospitality sector in Dubai by 2020.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
Diriyah%20project%20at%20a%20glance
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THREE
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Read more from Johann Chacko
In Praise of Zayed
A thousand grains of Sand whirl in the sky
To mark the journey of one passer-by
If then a Cavalcade disturbs the scene,
Shall such grains sing before they start to fly?
What man of Honour, and to Honour bred
Will fear to go wherever Truth has led?
For though a Thousand urge him to retreat
He'll laugh, until such counsellors have fled.
Stands always One, defiant and alone
Against the Many, when all Hope has flown.
Then comes the Test; and only then the time
Of reckoning what each can call his own.
History will not forget: that one small Seed
Sufficed to tip the Scales in time of need.
More than a debt, the Emirates owe to Zayed
Their very Souls, from outside influence freed.
No praise from Roderic can increase his Fame.
Steadfastness was the Essence of his name.
The changing years grow Gardens in the Sand
And build new Roads to Sand which stays the same.
But Hearts are not rebuilt, nor Seed resown.
What was, remains, essentially Alone.
Until the Golden Messenger, all-wise,
Calls out: "Come now, my Friend!" - and All is known
- Roderic Fenwick Owen
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
Race card
4pm Al Bastakiya Listed US$300,000 (Dirt) 1,900m
4.35pm Mahab Al Shimaal Group 3 $350,000 (D) 1,200m
5.10pm Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m
5.45pm Burj Nahaar Group 3 $350,000 (D) 1,600m
6.20pm Jebel Hatta Group 1 $400,000 (T) 1,800m
6.55pm Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m
7.30pm Dubai City Of Gold Group 2 $350,000 (T) 2,410m
The National selections:
4pm Zabardast
4.35pm Ibn Malik
5.10pm Space Blues
5.45pm Kimbear
6.20pm Barney Roy
6.55pm Matterhorn
7.30pm Defoe
