Dubai Urban Master Plan 2040 to fuel more demand for housing – Deyaar CEO

Dubai Urban Master Plan 2040 to fuel more demand for housing – Deyaar CEO

Dubai's latest master plan, which looks to expand the population by more than 70 percent over the next 20 years, will further fuel the demand for housing in the emirate, the CEO of UAE developer Deyaar Development said on Thursday. In a bourse filing to the Dubai Financial Market (DFM), the listed company reported an increase in net profit of 15.1 million dirhams ($4.1 million) for the first three months of the year, up from 2.6 million dirhams a year earlier. The firm's revenue also went up by 51 percent to 149.2 million dirhams. Saeed Al Qatami, CEO of Deyaar, attributed the strong Q1 2021 performance to “high demand” for properties. “We expect this demand to grow even more with the economic recovery in the emirate and the effort that the government takes towards executing the Dubai Urban Master Plan 2040,” Al Qatami said. Last month, Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, unveiled the mega master plan, which includes the expansion of green spaces, parks and other recreational areas in the emirate. Under the plan, the city's public beaches will increase in length by as much as 400 percent in two decades, while