Dubai – Mubasher: Deyaar Development said it approved its executive committee’s recommendation to purchase a land plot in Dubai’s Business Bay, according to a filing to the Dubai Financial Market (DFM) on Sunday.

The company added that no deal has been finalised in this regard and will not affect Deyaar’s financials at this time.

The DFM-listed firm previously posted 6% growth in consolidated net profits for the first quarter of 2015, reaching AED 55.2 million compared to AED 52.1 million in the same period a year earlier.