DAMAC 2018 profit fell, #Dubai property prices may have hit bottom - chairman | Reuters

DAMAC 2018 profit fell, Dubai property prices may have hit bottom - chairman | Reuters:

DAMAC Properties saw annual profit fall in 2018 and earnings will be similar for the next two years, although Dubai property prices may have hit the bottom, its chairman said.


Dubai property prices have steadily fallen since a mid-2014 peak, hurting earnings of developers and forcing construction and engineering firms to cut jobs and halt expansion plans.

Chairman Hussein Sajwani told CNBC at the World Economic Forum in Davos that DAMAC’s profit fell last year and would “continue to be (at) similar levels, this year and next year.”