Kuwait-listed developer Al Mazaya Holding on Friday said it made a loss of AED112.5m ($30.6m) in 2010 after booking provisions totalling AED181.8m.
Company chairman Rashid Yaqoob Al Nafisi said the past year had been challenging in most regional market, especially Dubai, where it was taking back properties where investors had defaulted.
He said the real estate firm was currently collecting all outstanding amounts from sales in its projects, making payments for construction work, and acquiring all defaulted residential and office units "in accordance with Dubai's acquisition regulations".
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