Dubai developer Damac reports 46% profit rise despite property slowdown | The National:
"Profit at Damac rocketed 46 per cent last year as the high-profile Dubai developer completed thousands of new homes despite the recent slowdown in the emirate’s real estate market.
Damac, which is known for signing licensing agreements with the likes of Fendi, Tiger Woods, Donald Trump and Paramount, and for offering customers buying its posh apartments yachts and luxury cars, said net profit grew to US$937 million last year from $641.5m the previous year.
The company, which began trading on the Dubai Financial Market in January after listing on the London Stock Exchange in 2013, reported that revenue for the year grew 64 per cent to $2 billion from $1.2bn the previous year."
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