Deyaar Explained

Deyaar Development PJSC
Trading Name:	DEYAAR
Type:	Corporation
Industry:	Real Estate
Foundation:	January 2001
Location City:	Al Barsha 1st, Dubai
Location Country:	United Arab Emirates
Owner:	Dubai Islamic Bank^[1]
Website:	Deyaar

Deyaar is a UAE-based real estate development and services company. The company develops and sells residential and commercial properties and is majority owned by Dubai Islamic Bank.

History

At inception, Deyaar started as the property management unit of Dubai Islamic Bank. Deyaar was later established as a private shareholding company on January 6, 2001, with a paid up capital of AED 18.38 million, and commenced operations on June 1, 2003.

In May 2007, Deyaar became a public joint-stock company and was listed on the Dubai Financial Market.^{[2] [3]}

In 2019, a UAE court ordered Dubai-based developer Limitless to pay Deyaar AED 411.9 million in a land dispute, AED 61.1 million in fees and compensation.^{[4] [5]} In October 2022, Deyaar's board of directors approved an AED 500 million cash settlement made by Limitless.^{[6] [7]}

Projects Deyaar worked on include the Dh1bn Regalia tower in Business Bay, the Bella Rose development project in Dubai Science Park, and Tria residential tower in Dubai Silicon Oasis.^{[8] [9]}

Notes and References

1. Web site: Rahman . Fareed . 2022-07-28 . Deyaar’s second-quarter profit surges on higher revenue . 2023-01-08 . The National . en.
2. Web site: Release . Press . Deyaar promises a world-class retail experience at its award-winning development . 2023-01-08 . www.zawya.com . en.
3. Web site: Rahman . Fareed . 2022-10-20 . Dubai developer Deyaar reports fourfold jump in third-quarter profit to $9.89m . 2023-01-08 . The National . en.
4. Web site: Rahman . Fareed . 2019-12-26 . Deyaar wins Dh411 million claim in land dispute with Dubai developer . 2023-01-08 . The National . en.
5. Web site: Rahman . Fareed . 2021-06-06 . Deyaar board approves Dh500m settlement offer from Limitless . 2023-01-08 . The National . en.
6. DEYAAR_BODRES_19_10_2022.pdf . Dubai Financial Market, PJSC.
7. Web site: Rahman . Fareed . 2022-10-20 . Dubai developer Deyaar reports fourfold jump in third-quarter profit to $9.89m . 2023-01-08 . The National . en.
8. Web site: Rahman . Fareed . 2021-11-11 . Cityscape 2021: Deyaar plans to start several projects next year amid higher demand . 2023-01-08 . The National . en.
9. Web site: Dubai developer Deyaar scores 196% gain in H1-2022 net profit . 2023-01-08 . gulfnews.com . en.