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GENERAL NEWS DEYAAR AWARDS AED 600M CONTRACT FOR MIDTOWN AFNAN AND DANIA DISTRICTS In 2017, Deyaar appointed Belhasa Engineering and Contracting Company as the main contractor to build 1,238 units for its Midtown Afnan and Dania districts, in a contract worth AED600 million. The construction of the Afnan and Dania districts is now at 30% completion.
DEYAAR LAUNCHES DEYAAR AL KHAIR INITIATIVE Last year, in line with the Year of Giving strategies announced by His Highness Shaikh Khalifa bin Zayed Al Nahyan, President of the UAE, Deyaar launched the Deyaar Al Khair, an initiative that provides free maintenance services to underprivileged families across the country through its subsidiary, Deyaar Facilities Management (DFM). As part of its initiative, Deyaar signed memorandums of understanding with the Beit Al Khair and Dar Al Ber Societies, to identify a list of houses across the country that need immediate intervention. During the first phase of the initiative that ended in December 2017, Deyaar Facilities Management carried out AED500,000 worth of essential maintenance. Specialised teams from the company were involved in the operations along with volunteers from Deyaar Development’s different departments.
BLOOD DONATION DRIVE ORGANISED TO BOOST DUBAI BLOOD COLLECTION RATE In the summer of 2017, Deyaar launched a blood donation drive in collaboration with Dubai Blood Donation Centre at its headquarters in Barsha and at Burlington Tower in Business Bay to consolidate Deyaar’s values of corporate social responsibility, service to the country, and its contribution to its development. The demand for blood is faster than the collection rate, and donations are needed constantly – especially during low donation seasons, such as the summer. Dubai Blood Donation Centre supplies blood to Thalassemia patients, road accident and burn victims, patients with neonates and maternity health complications, patients diagnosed with cancer or who are scheduled for open heart surgeries, and to those who are entitled to transfusion services.
ENHANCED FIRE SAFETY PROGRAMME LAUNCHED TO ENSURE RESIDENTS’ SAFETY Launched in January, Deyaar reinforced its commitment to its residents’ safety by launching its fire safety programme. The company carried out 327 inspections by end of 2017 in coordination with Dubai Civil Defense and Al Futtaim Willis’ specialised team of fire risk engineers. The programme bolstered Deyaar’s existing efforts and improved the responsiveness of building occupants. The multi-phased rollout consisted of a clear fire plan for each tower including full system ISO audits, periodic audits, and monthly and quarterly risk-focused inspections that cover all building assets and systems.
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GENERAL NEWS DEYAAR PROVIDED EXCLUSIVE OFFERS TO CITYSCAPE GLOBAL VISITORS During Cityscape Global 2017, Deyaar celebrated the event opening up property sales for the first time by offering buyers exclusive deals on two of its in-development properties, The Atria, and Midtown by Deyaar. Cityscape has consistently been a strong platform for Deyaar to connect with its customers and showcase its dynamic portfolio, which features properties located in some of Dubai’s hottest areas – such as Business Bay, Al Barsha South, Dubai Production City, and more.
BROKERS RECOGNISED FOR THEIR OUTSTANDING RESULTS Deyaar demonstrated its commitment to the brokers community across the UAE, with leading brokers being recognised at a special ceremony at The One and Only Royal Mirage, Dubai. During the ceremony, six of Deyaar’s brokers were awarded for their outstanding sales achievements as Square Yards, Al Basel Real Estate and Gold Pillars Properties received Platinum Awards, and DRE Homes Real estate, SNS Properties and UC Forward received the Gold Awards.
STRATEGIC MOU SIGNED WITH HUAWEI TO DELIVER SMARTER PROPERTIES As part of its digital transformation, Deyaar entered into a five-year strategic partnership with Huawei with the signing of a Memorandum of Understanding (MoU) to provide residents of Deyaar properties with cutting edge technology solutions, including smart home applications and state of the art network facilities. The MoU will cover several elements, including the introduction of state of the art networks and Voice over Internet Protocol (VoIP) capabilities in numerous properties, including Mont Rose, The Atria, Al Barsha Hotel, and Deyaar’s headquarters. Future projects will also be fitted with these solutions. Huawei will also work with Deyaar to develop technology plans for the Midtown residential project, which will include the next generation of smart homes, communities, and integrated lifestyles. An additional aspect of the partnership will see increased security throughout Deyaar properties, with the implementation of Huawei’s CCTV Video Cloud solution. This is not only reflected in the properties Deyaar builds but also applies internally as part of Deyaar’s new long term strategic plan to adopt new technologies, in line with UAE Vision 2021 and the growing use of smart technology in Dubai.
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GENERAL NEWS DEYAAR PURSUES POTENTIAL IN INDIAN MARKET Deyaar showcased its diverse off-plan and ready properties portfolio to keen Indian investors at the Dubai Property Show in Mumbai for the third time. The company has seen a rise in interest from investors in India, who are keen on Dubai-based properties.
2017 A YEAR OF POSITIVE GROWTH FOR DEYAAR Deyaar reported revenues of AED 751.6 million in 2017, an increase of 75 per cent compared to AED 428.3 million in 2016. The company also reported net profit of 130.4 million in 2017 [2016: AED 216.1 million includes AED 144.4 million from fair value/ impermanent reversal adjustment]. This was driven by steady progress on Midtown construction, which is on track with its Afnan and Dania districts to be completed by Q4 2019 with the next phase to be announced later this year. 2018 will see Deyaar’s foray into the hospitality sector, and the handover of two of the company’s flagship developments, The Mont Rose and The Atria.
INDUSTRY NEWS 2018 Q1 PROPERTY MARKET The Dubai Land Department (DLD) recorded real estate transactions in the amount of AED58 billion through 13,759 sales, for the first three months of 2018. Sultan Butti bin Mejren, Director-General of DLD, said, "The Dubai real estate market continues to show continuous growth, driven by general optimism and confidence in the real estate sector. Achieving almost AED58 billion in transactions shows strong momentum in the real estate sector for Q1, and we expect this to raise the Q2 transaction index and continue to rally before the end of the year.” DLD confirmed that GCC investors led the way, accounting for almost 2,500 transactions worth around AED6 billion, while 1,067 investors from other Arab countries carried out 1,250 operations worth more than AED2 billion. UAE nationals outnumbered all other nationalities including Gulf, Arab and foreign countries, totalling AED4 billion through 1,587 transactions made by 1,264 investors. They were followed directly by the 1,387 Indian nationals who invested AED3 billion through 1,550 transactions. Saudis ranked third with investments of nearly AED1.3 billion, Pakistan and the UK followed in fourth and fifth place, and Chinese, Egyptian, Russian, Jordanian and Canadian nationalities ranked from the 6th to 10th respectively. NEW MORTGAGE LAW TO RAISE FUNDING FOR DUBAI REAL ESTATE The aim of the proposed mortgage law is to attract foreign investors and public joint stock companies listed on Nasdaq, encourage alternative financing methods, and cater to investors with small and medium-sized portfolios. Many non-residents are interested in purchasing property in the UAE and are looking to get a higher proportion of financing as well. Currently, banks only offer a loan-to-value ratio of 60 to 65 per cent on ready property for non-resident investors, and many banks are hesitant to lend to them due to the higher degree of risk involved. With the complicated documentation process, the new mortgage law will aim to make it simpler for specialised funds to come into the Dubai real estate market. Introducing more real estate investment trusts (Reits) could be an alternative. According to Core Savills research team, Reits make up almost 5 per cent of the UAE's listed real estate, compared to over 40 per cent in countries such as the UK and Singapore.
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QUIZ Answer The Below Questions Correctly For A Chance To Win A Prize Q. Which of the following Deyaar projects is not located in Business Bay? A) Fairview Residency B) The Burlington C) Mayfair Tower D) Oakwood Residency Q. How many branches does Deyaar have in the UAE? A) 4 B) 6 C) 7 D) 8 Q. Which networking equipment brand does Deyaar have a strategic tie-up to develop smart properties? A) Nokia B) Blackberry C) Huawei D) Vodafone Q. Which of the following subsidiaries is not part of the Deyaar Group? A) Deyaar Property Management B) Deyaar Facilities Management C) Deyaar Owners Association Management D) None of the above Q. What is the total height of Montrose Towers? A) 69 m B) 72 m C) 81 m D) 93 m
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Please send in your answers to: markcomm@deyaar.ae on or before 16 May, 2018
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