#Dubai-listed Arabtec swings to annual loss, blames real estate slowdown - Reuters

Dubai-listed Arabtec swings to annual loss, blames real estate slowdown - Reuters:

Dubai-listed Arabtec Holding swung to a 774.5 million dirham ($210.9 million) net loss in 2019 from a profit of 256.3 million dirham in 2018, the construction company reported on Sunday.

Arabtec, which was involved in the construction of the Louvre Abu Dhabi, posted its first annual loss since 2016, according to Refinitiv data.

The company blamed the loss on its core construction business, citing a slowing real estate sector where there have been limited new projects launched.

Dubai has faced a slowing real estate market for most of the previous decade, with the exception of a brief pick up more than six years ago.