Deyaar Development, one of Dubai’s leading real estate service providers, has reported revenues of Dh751.6 million ($205 million) for 2017, up 75 per cent over Dh428.3 million the previous year.

Announcing its preliminary unaudited financial results for the full year ended December 31, 2017, Deyaar said this growth was mainly driven by steady progress on Midtown construction, which is on track with its Afnan and Dania districts to be completed by Q3 2019 with the next phase to be announced later this year.

The company said 2018 will also see Deyaar’s foray into the hospitality sector, and the handover of two of the company’s flagship developments, The Mont Rose and The Atria.

The net profit for 2017 fell to Dh130.4 million from Dh216.1 million in 2016, which included a write-back of provision for impairment of investment in an associate and fair valuation gain on investment properties.

On the performance, CEO Saeed Al Qatami said: "Deyaar witnessed significant progress in its projects and hospitality division in 2017, as part of its commitment to diversifying the offering in line with the requirements of the UAE market."

"In addition to continued work on our portfolio of properties. Looking forward to the year to come, we will hand over two of our flagship properties, The Mont Rose and The Atria, and we are optimistic that 2018 will be a year of positive growth for our company," he added.-TradeArabia News Service