Political unrest in Syria, Egypt and Bahrain affected business for developer Majid Al-Futtaim (MAF) in 2011, but positive results in Dubai helped soften the blow, the firm's chief executive said yesterday.
MAF's hotels in Bahrain suffered low occupancy rates in 2011, leading to a Dh300 million writedown, while assets in Egypt, where MAF is in the process of building a mall in Cairo, lost Dh250 million.
But chief executive officer Iyad Malas stressed that despite the writedowns, overall asset value increased on the strength of its Dubai malls including Mall of the Emirates and Deira City Centre.
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