Dubai's Deyaar Development is about to announce a new residential project in 2021

The developer has completed 21 percent of the third and fourth phases of the Midtown project.

Dubai-based developing company Deyaar Development is planning to announce the launch of a a new residential project in 2021, the developer said on Sunday. 

'We are currently at the final stage of planning for one of the distinguished residential projects that will be announced later this year,' said the company's CEO Saeed Al Qatami in a press statement. 

The statement didn't have detailed information about the new project but mentioned that the company would accomplish and deliver the third and fourth phase of its ongoing Midtown integrated residential project in Dubai Production City six months ahead of schedule. 

According to the company's representatives, construction work in the third and fourth phases has been so far 21 percent complete. And the developer intends to finish the project by December 2022 and hand over units to buyers in January 2023, which is months ahead of the anticipated date in June 2023. 

In November 2020, it was reported that Deyaar had appointed G&B Contracting as the main contractor for the third and fourth phases of Midtown. 

Deyaar's losses for 2020 reached USD 59 million, following a profit of USD 19 million in 2019.