Deyaar Development, based in Dubai, United Arab Emirates, plans to generate an annual fixed income between AED 300 to 400 million ($82 million-$109 million) through lease and hospitality projects, said chief executive officer Saeed al-Qatami during the company’s annual board meeting.
Revenue from property development and real estate sales represent 95 percent of the company’s income, but the developer plans to reduce this figure to 70 percent through promoting retail, lease, hospitality, and property management, he added.
Eventually, the target is to have such sectors represent 35 percent of the company’s income.
As much as AED 350 million ($95.3 million) are frozen until legal disputes with other firms are resolved. If Deyaar wins such disputes, it could have a positive impact on the company’s finances.
The board approved a decision today to withhold dividends for 2014.
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