Dubai-based notable real estate developer ‘Deyaar’ has recorded a slight recession in last quarter’s financial results. The company’s net profits during the first three months of this year declined by 7.6 percent according to the company’s report issued today.
The report mentioned that the value of achieved net profits during the first quarter of 2016 reached 51 million dirhams, which is equivalent to 12.89 million dollars.
The statement didn’t include Deyaar’s profits during the correspondent period of last year but Reuters archives cleared that 2015 Q1 net profits was 55.2 million dirhams or 15.02 million dollars.
It’s worth mentioning that Deyaar Real Estate has announced earlier this month setting a joint venture with Delancey Real Estate and Dutch Pension Fund (APG) for establishing a large-scale project in London.
The project value is estimated to reach around 1.4 billion pounds. It includes 4,000 houses and apartments in addition to a wide set of facilities.