Tough time ahead for Dubai developer Damac as profit falls | The National:
"Damac warned that it was facing a “challenging competitive environment” after the Dubai developer posted an 8 per cent drop in fourth-quarter profit.
In its full-year results for 2015, Damac said that market conditions in Dubai had cooled significantly since the previous year as profit for the three months to the end of December fell to Dh842.8 million from Dh916.3m a year earlier.
Damac said that it had booked nearly Dh500m in penalties from customers who in the years since the global financial crisis had walked away from their off-plan home purchases – a more than 20-fold increase on a year earlier. Hussain Sajwani, Damac’s chairman, told investors that tough conditions create opportunities for developers."
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