Dubai Developer Deyaar To Launch Dh 300M Worth Residential, Hotel Projects

Leading Dubai real estate developer Deyaar is set to build Dh 300 million worth of new projects in Al Furjan, Dubai.

The projects, which will include 400 residential units and hotel apartments, are in line with the company's goal of expanding its real estate portfolio and meeting the growing demand for such property in the city.

In a statement Tuesday, Deyaar told the Dubai Financial Market that the first project to see the light of the day this year would be Amalia Residences. The project will be followed by two others next year, although the company did not provide a construction timeline for them.

"We are pleased to announce the expansion of our growing portfolio of residential and hotel projects in conjunction with the launch of our presence in Al Furjan through three distinct projects," said Deyaar Chief Executive Saeed Al Qatami. "These projects bring unique housing options to the Al Furjan area."

Deyaar Vice President for Sales, Nasser Amer, also announced that the company was offering "flexible payment plans of up to five years, and a full exemption from real estate registration fees" to mark the launch of its new project.

The announcement comes amid the UAE's property market's ongoing recovery after a significant slowdown during the pandemic. Aside from the construction industry picking up its pace, other government initiatives such as granting of residency permits for retirees and remote workers and the expansion of the 10-year Golden Visa program have also facilitated economic recovery in the region.

Deyaar's announcement also comes amid the rise in property transactions in the UAE, with Dubai recording 10,941 transactions in November alone. It was the highest since 2011 and marked a 58.5% increase year on year, The National News reported, citing Property Finder.

Deyaar is owned by the UAE's biggest Sharia-compliant lender, Dubai Islamic Bank, which developed the Dh 2.6-billion Midtown Project in Dubai Production City. The company made headlines earlier this month after receiving a payment of Dh 200 million from master developer Limitless after the two companies were involved in a land dispute. In their final settlement agreement, the court also ordered Limitless to pay Deyaar an additional Dh 61.1 million in compensation.