A property company that heavily invested in Dubailand has made provisions of more than Dh181 million (US$49.2m) after customers who bought homes in the development defaulted on their repayments.
Al Mazaya Holding, which lists its shares in Dubai and Kuwait, lost Dh112.5m last year. It did not provide figures for 2009.
Developers countrywide have racked up losses on soured projects this year after developments ran out of cash and customers failed to make mortgage payments.
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