DAMAC reports first annual loss since 2010 as Dubai property market lags - Reuters:
DAMAC Properties DAMAC.DU, one of Dubai’s largest non state-linked developers, swung to a net loss of 36.9 million dirhams ($10 million) in 2019 from a profit of 1.15 billion dirhams in the previous year, the firm reported on Tuesday.
It is the first yearly loss since 2010 for the owner of the only Trump-brand golf course in the Middle East, according to Refinitiv data.
DAMAC’s billionaire Chairman Hussain Sajwani last year said developers in the emirate should stop all new residential projects for up to two years to kickstart a recovery in Dubai’s troubled market.
Dubai has faced a slowing real estate market for most of the decade, barring a brief pickup more than five years ago. Housing oversupply has driven prices down at least a quarter since 2014.
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