UAE's DAMAC loses $283m in 2020

The logo of Damac Properties Dubai Co. sits on display in the Business Bay district in Dubai, United Arab Emirates, on Tuesday, 13 October 2020. [Christopher Pike/Bloomberg]

UAE real estate giant DAMAC yesterday announced that it had incurred a total of 1.04 billion dirhams in losses in 2020 (about $283 million), compared to losses of 36.9 million dirhams ($10.05 million) in 2019.

“DAMAC losses during the fourth quarter of 2020 amounted to 108.2 million dirhams (about $29.5 million), compared to 169.5 million dirhams ($46.1 million) during the same period the year before,” the company said in a statement.

It pointed out that the value of its sales had amounted to 2.3 billion dirhams (about $626.2 million at the end of 2020, compared to 3.1 billion dirhams ($844 million) during the same time the year before.

The UAE’s real estate sector has been facing severe difficulties as a result of the global economic downturn, prompting companies to halt construction.

DAMAC is said to have business ties with former US President Donald Trump and hosts the only Trump-branded golf course in the Middle East. The company went public in 2013.

READ: How the UAE serves as America’s duplicate Israel

Unless otherwise stated in the article above, this work by Middle East Monitor is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. If the image(s) bear our credit, this license also applies to them. What does that mean? For other permissions, please contact us.