Dubai's DAMAC Q1 profit falls 45 pct amid weak property market | Reuters

Dubai's DAMAC Q1 profit falls 45 pct amid weak property market | Reuters:

"Dubai’s DAMAC Properties , owner and operator of the only Trump-branded golf club in the Middle East, posted a 45 percent drop in first-quarter profit from a year earlier although profit rose marginally from the previous quarter. The results came as Dubai, its core real-estate market, is under pressure due to lower property prices and subdued sales as new developments hit the market. DAMAC’s net profit was 484 million dirhams ($132 million), down from 880 million dirhams a year earlier, it said in a statement."



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