Deyaar completes handover of Dania District within 46ha Midtown

Published: 19 February 2020 - 2:45 a.m.

Dubai Financial Market-listed (DFM) real estate developer, Deyaar Development has completed the handover of units within the Dania District, which is one of the six districts developed by the company at its 46ha flagship community, Midtown.

Deyaar completed the handover of Afnan District in 2019, with Dania being the second district to be delivered within the community.

The Midtown development is located in Dubai Production City near Sheikh Mohammed bin Zayed Road.

Deyaar has marked 50% completion of the Midtown project with the delivery of Afnan and Dania Districts, which comprises 13 buildings that feature more than 1,200 apartments in total. The development comprises six districts featuring buildings.

In a stock market filing the company said that the opening of new districts is imminent as it aims to complete the remaining phases of Midtown.

Commenting on the delivery of the district, CEO of Deyaar, Saeed Al Qatami, said: “We’re starting off 2020 on a high note, with the completion and imminent handover of Dania, the second district in our Midtown development.”

Earlier this month, the developer, which is majority-owned by Dubai Islamic Bank (DIB), revealed that its 2019 net profit glided by 49% year-on-year to $19.47m (AED71.5m) for the financial year ending 31 December, 2019.

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