Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
Deyaar, the iconic property developer that has accomplished many pioneering projects in Dubai, is setting foot in the Abu Dhabi real estate market in collaboration with Arady Properties, an Abu Dhabi-based company.
The Dubai-based realty major has launched its luxurious residential project – RIVAGE – on Al Reem Island at a glittering function in Abu Dhabi. Speaking to Aletithad, its CEO, Saeed Mohammed Al Qatami, said the project is one of its kind, with luxurious properties being made available at affordable prices.
When asked why Deyaar has chosen to enter the Abu Dhabi market more than two decades after it launched its business in Dubai, Qatami said the attraction of the Abu Dhabi market has improved radically after strong policy interventions from the government in recent years. Infrastructure, which includes education, health, and tourist facilities, has improved significantly in the UAE’s capital, making it attractive for real estate investments, Qatami said.
“Our expansion into Abu Dhabi is focused on delivering high-quality projects beyond Dubai that contribute towards meeting the growing demand while further strengthening our ability to serve both local and international investors,” the CEO said.
Qatami, a thoroughbred professional with over 20 years of experience in the real estate and financial services industry, has steered the company through the 2008-09 financial crisis. “We have restructured the company and survived the crisis with minimal damage. It is a story of the past. Now we have a sound financial position,” Qatami said.
When asked if Deyaar will continue to partner with Arady for all other projects in Abu Dhabi, Qatami said: “We are delighted to collaborate with Arady Properties and will continue to evaluate additional opportunities as part of our broader expansion strategy and business objectives.”
Deyaar could stand on its own with several remarkable projects in a competitive Dubai market, where many world-class realty players are vying to attract investors. Some of its iconic projects include Mar Casa in Dubai Production City, Regalia in Business Bay, Rosalia Residences in Al Furjan, ELEVE in Jebel Ali, The Atria in Business Bay, and Mont Rose in Dubai Science Park.
RIVAGE, its debut project in the UAE’s capital, offers a range of residential options, featuring 1, 2, and 3-bedroom luxury residences, duplexes, bespoke Sky Villas, and Sky Palaces.
“In collaboration with Arady Properties, we are excited to present RIVAGE, which truly reflects our commitment to creating exceptional living spaces,” Al Qatami said.
Situated on the picturesque Al Reem Island, RIVAGE offers a harmonious blend of vibrant city life and peaceful waterfront serenity.
“While contributing to Abu Dhabi’s economic growth and urban development, RIVAGE marks a proud moment for us at Deyaar as we continue to elevate the real estate landscape beyond Dubai,” Al Qatami noted.
RIVAGE is scheduled for completion in Q4 2027, he added.
The company has reported an increase in its profit for the nine-month period ending September 30, 2024, amounting to Dh348.8 million, a significant 47% YoY growth from Dh237.5 million in the same period last year. The company’s profit for Q3 2024 reached Dh146.2 million, a 23% YoY increase compared to Dh119 million in Q3 2023.
“We were expecting this positive growth. We have consistently seen an upward trend in our financial performance, thanks to our well-defined strategic plan,” Qatami said.
Deyaar, which commenced its business in 2002, got listed on the Dubai Financial Market (DFM) in 2007. According to the latest DFM data, it is 45% owned by Dubai Islamic Bank, with the rest owned by the public. Its market capitalisation as of now is Dh3.6 billion. Its share price has seen a consistent rise during the last week after the launch of its project in Abu Dhabi and the positive results for the first nine months of the year.
