#Dubai firm tied to Trump posts loss as virus downturn looms

Dubai firm tied to Trump posts loss as virus downturn looms:

Dubai’s largest, fully private real estate developer posted on Sunday its first yearly loss since becoming a publicly traded company, a worrying sign for the sheikhdom’s already-reeling vital property market that’s been hit with the fallout from the coronavirus pandemic.

DAMAC Properties, which has business ties to U.S. President Donald Trump and hosts the Mideast’s only Trump-branded golf course, reported a loss of 36.8 million dirhams ($10 million) in 2019 off revenues of nearly 4.4 billion dirhams ($1.19 billion).

That’s compared to a 1.15 billion dirham ($313 million) profit in 2018 off revenues of 6.13 billion dirhams ($1.16 billion). The company became publicly traded in 2013.

In a statement posted to the Dubai Financial Market stock exchange, DAMAC chairman Hussain Sajwani praised Emirati leaders for working toward stabilizing the economy.