Dubai's largest, fully private real estate developer posts 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 by fallout from the coronavirus pandemic.
, reported a loss of 36.8 million dirhams in 2019 off revenues of nearly 4.4 billion dirhams .
In a statement posted to the Dubai Financial Market stock exchange, DAMAC chairman Hussain Sajwani praised Emirati leaders for working toward stabilizing the economy. That optimism may be belied by the economic repercussions of the new pandemic, which has halted global travel. Dubai International Airport, the world’s busiest for international travel, largely has shut down, along with many private businesses.
Dubai has seen a boom-and-bust real estate market since allowing foreigners to buy property in 2002. Values have dropped by a third since 2014, whenNow, apartments, villas and office spaces stand empty, and more properties are due to come onto the market in the coming years. Dubai’s government set up a commission to come up with ways of heading off the problem even before the pandemic struck.
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