Dubai-based Deyaar posts $59m net loss for 2020

Dubai-based Deyaar posts $59m net loss for 2020

Dubai-based Deyaar Development has announced a net loss of $59 million for 2020, which has been blamed on the global coronavirus pandemic and its impact on real estate, hospitality and tourism.

The results, announced on Monday, compare to a net profit of $19.5m in 2019.

Listed on the Dubai Financial Market and majority owned by Dubai Islamic Bank (DIB), the company reported revenues of $112.4m, down over 31 percent from $164m in the previous year.

Saeed Mohammed Al Qatami, CEO of Deyaar Development

Saeed Al Qatami, CEO of Deyaar, said: “The year 2020 has witnessed big challenges as a result of the pandemic and its impacts on all sectors without exception, and we have been keen in Deyaar to ensure the continuity of all our operations during this crisis, as construction continued in our projects according to the scheduled timeline.

“The biggest challenge we faced was in the hospitality sector, however we trust that the hospitality business will pick up and will return to growth again, especially with the efforts made by the government in taking all the precautionary measures while making great progress in the vaccination program across the country.”

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