Deyaar Development PJSC (Deyaar), one of the leading real estate developers and service providers in Dubai, has announced it will distribute dividends to shareholders for the first time in the company’s history.
The company’s board of directors recommended distributing 4% of the share capital as dividends. The total amount reaches Dh175 million, equivalent to 4 fils per share.
“We are delighted to announce our decision to distribute dividends to our valued shareholders,” said Abdullah Al Hamli, Chairman of the Deyaar Board of Directors.
“This marks a significant achievement for Deyaar and reflects our steady growth trajectory. In recent years, Deyaar has undergone a remarkable transformation, resetting in 2022 and reaping the rewards in 2023. With a strong business model and strategic initiatives in place, Deyaar is now well-positioned to embark on a new chapter of growth. Looking ahead, I am confident that this momentous milestone paves the way for continued success.”
Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), Deyaar is one of Dubai’s leading developers, with real estate ventures spanning key growth corridors and prime locations within the emirate.
In January, Deyaar reported a significant increase in its financial performance for the fiscal year ending December 31, 2023. The company disclosed a remarkable 206% rise in net profit, reaching Dh440.7 million compared to Dh144.2 million in 2022.
The surge in revenue was attributed to a notable increase in Property Development revenue, totalling Dh412 million from property sales. The growth was linked to advancing construction progress in ongoing developments and successful sales achievements in 2023.
The company’s Annual General Assembly is proposed to take place on April 5 next month.
