Dubai - Mubasher: Deyaar Development, a leading property developer in Dubai, reported a 7.5% year-on-year growth in revenues for the first half of 2019.

Revenues stood at AED 337.6 million during the six-month ended 30 June 2019, compared to AED 314 million in H1-18, according to a press release.

Moreover, the company had generated AED 36.7 million in net profit for H1-19, versus AED 65.2 million in the year-ago period.

In the second quarter of 2019, revenue grew 17.6% to AED 161.8 million from AED 137.6 million in Q2-18, Deyaar said.

The company has achieved a net profit of AED 18.5 million during the April-June period of 2019.

Saeed Al Qatami, CEO of Deyaar, said: “2019 so far has seen positive growth for Deyaar as we continue to embrace our diversification efforts and draw near completion on our ongoing projects. With the imminent launch of our next hospitality project in partnership with Millennium Hotels and Resorts MEA and our first Midtown district, Afnan, in its final stages, we look forward to the continued growth of our business in the months to come.”

Furthermore, Deyaar revealed that the Afnan district, located in its family-friendly community development Midtown, is over 96% complete, while the Dania district is 87% complete.

Sales in the two aforementioned districts have surpassed 90%, and handover is due in H2-19, the company noted.

The company is also preparing for a soft launch of its Millennium Al Barsha Hotel project, being built in partnership with Millennium Hotels and Resorts MEA, this month.

In Q1-19, Deyaar had achieved a net profit of AED 18.3 million and reported a revenue of AED 175.8 million.

Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) on Sunday announced it has signed a memorandum of understanding (MoU) with City Properties Real Estate (CPRE), a leading leasing and property management service providers in the UAE.

Through this partnership, RAKBANK’s Business Banking unit will be able to refer specialised services to its real estate customers on preferential terms, according to a press release.

Customers will be also provided with discounts on property management fees, legal services, online monitoring, and utilities payment modules under the MoU.

The MoU was signed by chief operating officer of RAKBANK Geoff Stecyk, managing director of Business Banking Dhiraj Kunwar, senior manager of Business Banking at RAKBANK Kunal Roy and CEO of CPRE Abdulla Al Shaibani.

Geoff Stecyk, COO of RAKBANK, commented: “This is a valuable addition to the diverse range of products and services that are offered by RAKBANK Business Banking. Both RAKBANK and CPRE are committed to addressing property owners’ challenges by providing innovative solutions that will reduce costs and improve operating efficiencies.”

“As a Bank, we strive to continually introduce new platforms that will assist our customers not just financially, but in direct support of their business objectives. This latest partnership is fully aligned with that philosophy.”

City Properties is the first company in the UAE to offer high-privileged e-services in property management to RAKBANK and its clients.

Dubai – Mubasher: Emaar Properties, a leading global property developer based in the UAE, on Sunday revealed it has generated a net profit of AED 3.110 billion ($847 million) for the first half of 2019.

The real estate giant has also recorded a revenue of AED 11.569 billion ($3.150 billion) for H1-19, according to a press release.

The positive results were mainly driven by Emaar’s robust UAE build-to-sell property development business, as well as its healthy malls and hospitality businesses during the period.

Emaar’s total sales backlog stood at AED 49.188 billion ($13.392 billion) as of 30 June 2019, including international operations.

Moreover, the company has registered sales in Dubai of AED 9.443 billion ($2.571 billion) during the six-month period ended 30 June 3019, up 52% from AED 6.229 billion ($1.696 billion) in H1-18.

Mohamed Alabbar, chairman of Emaar Properties, commented: “The driving force of Emaar’s strong, consistent performance this year is the enhanced reputation of Dubai as the first choice among the leading global destinations for property investment.”

“Our successful expansion to malls and hospitality, which complements the tourism sector of Dubai, too generates significant revenue. As a catalyst of the economy, and with our commitment to creating value, we will continue to strengthen our three core business, especially by leveraging the power of digital connectivity and engagement,” he added.

Furthermore, the property developer noted that its hospitality and leisure, entertainment, and commercial leasing business have contributed AED 2.415 billion ($658 million) to the total revenue.

The company’s international operations made up nearly 15% of the total revenue at AED 1.743 billion ($475 million) during H1-19.

It is worth noting that Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, reported a 3% year-on-year increase in net profits for H1-19, recording AED 1.130 billion, compared to AED 1.102 billion.

Emaar Malls’ revenue reached AED 2.227 billion ($606 million) in H1-19, up 6% from AED 2.103 billion ($573 million) in the prior-year period.

Dubai – Mubasher: Emaar Development, a subsidiary of Emaar Properties, has achieved a net profit of AED 1.382 billion ($376 million) for the first half of 2019.

Moreover, the real estate firm has generated revenue of AED 6.237 billion ($1.698 billion) for the six-month period ended 30 June 2019, Emaar Properties said in a press release on Sunday.

In H1-19, Emaar Development has launched 16 new projects in Dubai at a total value of AED 8.850 billion ($2.409 billion), the leading property developer revealed.

During the first quarter of 2019, Emaar Development posted a 51% hike in sales, recording AED 5.902 billion, compared to AED 3.90 billion in Q1-18.

The property development unit of Emaar Properties reported a net profit of AED 751 million in Q1-19, as well as revenue of AED 3.34 billion.

By: Mahmoud Gamal

The Sharjah-based Arad Real Estate Investment and Development Company (ARAD) currently considers a number of investment opportunities in Saudi Arabia, the company’s chairman Sultan bin Ahmed Al Qasimi said.

The company hopes to launch its first project in the kingdom in the near future, Al Qasimi told Mubasher in an interview.

He stressed that Saudi Arabia is a great option for the company to invest in due to the kingdom’s steady economy.

Al Qasimi indicated that the company also considers entering the Egyptian market soon.

He also added that ARAD had made its debut in the Saudi market by taking part in Cityscape Jeddah, as well as opening its first office outside the UAE in Riyadh.

The company’s office located in the Saudi Arabian capital is expected to open officially in September, he said.

Egypt

ARAD plans to launch one of its projects in Egypt in the future after considering possible opportunities in the market, Al Qasimi noted.

He also highlighted the strength of the Egyptian real estate sector amid the major projects currently being developed in the country.

The UAE

The company plans to extend its presence in Dubai and aims to launch a new project in the emirates by the end of this year, Al Qasimi said.

He indicated that ARAD will open a new office and sales centre in Abu Dhabi in the third quarter of 2019.

Exceptional financial results

ARAD’s chairman said that the company has recorded exceptional financial results from two projects in Sharjah; Nasma Residences and Aljada.

The company has already begun handing over the units in Nasma Residences, while the construction work at Aljada is on track, he added.

ARADA seeks to launch new units and communities at Aljada, the largest mixed-use real estate project in Sharjah, in the second half of 2019, Al Qasimi revealed.

Moreover, the company has recruited an excellent team of over 200 employees to develop further major projects outside the emirate of Sharjah at the right time, he remarked.

Translated by: Mai Ezz El-Din

Dubai – Mubasher: Union Properties, listed on the Dubai Financial Market (DFM), has reported its interim consolidated financial results for the first half of 2019.

Loss for H1-19 attributable to shareholders amounted to AED 82.32 million, against a profit of AED 207.42 million in H1-18, according to the company’s financial results statement.

Loss per share (EPS) stood at AED 0.0192 in the six-month period ended 30 June 2019, versus AED 0.0484 in the prior-year period.

Revenue from contracts with consumers fell to AED 207.60 million in H1-19, versus AED 239.66 million in the year-ago period.

In the second quarter of 2019, the company has incurred a loss of AED 84.071 million, against achieving a profit of AED 24.70 million.

Total assets amounted to AED 6.17 billion at the end of June 2019, versus AED 6.27 billion as of 31 December 2018.

In May, Union Properties reported its unaudited financial results for Q1-19, with a profit for attributable to shareholders of AED 1.75 million, compared to AED 182.7 million in Q1-18.