Deyaar Development has created a team to renegotiate every contract with suppliers after posting a 68 per cent year-on-year decline in second quarter profit. CEO Markus Giebel told Emirates Business the renegotiation team is in talks with contractors to arrive at a "mutually beneficial deal". Giebel said the company is on track to achieve the full-year profitability levels of 2007 this year. Deyaar posted a Dh540 million profit in 2007 and Dh 1.104 billion last year.
"We are a cash-positive company and are paying all our bills," Giebel said.