Dubai developer Deyaar announces $416.6m losses - Arabianbusiness:
Dubai-based developer Deyaar has announced accumulated losses of AED1.53 billion ($416.6m).
As a result, the board has recommended capital reduction to offset the amount.
Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), the company reported revenues of AED603.7m ($164.4m) for 2019, a drop from AED643.7m ($175m) the previous year.
Net profit for 2019 was reported as AED71.5m ($19.5m).
Despite the losses, Saeed Al Qatami, CEO of Deyaar, remained upbeat about the future. He said: “2019 saw several strong achievements in our portfolio – not least of which is the completion and handover of Afnan, the first district in our Midtown master development, with handover of Dania district currently in progress.
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