Dubai-based real estate developer Deyaar Development has reported a 196 percent rise in net profit to reach AED66.9 million for the six months ended June 30, 2022, compared to AED22.6 million for the same period last year.

The company also recorded a 24 percent increase in revenue to reach AED369.4 million during the January-June period of this year, compared to AED297.4 million for the same period in 2021.

Saeed Al Qatami, CEO of Deyaar, said revenues from development activities have increased as the company started recognising revenues from the sales of its Regalia project.

Deyaar’s hospitality portfolio performance also continued to grow in line with the strong recovery of the tourism sector in the UAE, he said.

“Last month, the company successfully executed its capital reduction to write off the accumulated losses, which will increase the company’s attractiveness to investors and will reflect positively on Deyaar’s share price in the Dubai Financial Market,” Al Qatami said.

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