DAMAC Properties 'holds its nerve' amid Dubai real estate slump: CFO | Reuters:
Dubai’s DAMAC Properties DAMAC.DU, owner and operator of the only Trump-branded golf club in the Middle East, is confident of its financial position despite registering its worst quarter in terms of booked sales since the company went public five years ago, its chief financial officer said.
DAMAC is feeling the impact of a real estate market in Dubai that is under pressure because of lower property prices and subdued sales as new developments hit the market.
“In a cyclical market it’s important to have some sense of certainty over direction, and from that perspective, we’re satisfied,” Adil Taqi said in a phone interview on Tuesday after the publication of DAMAC’s results for the first half of 2018.
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