On Thursday Dubai developer DAMAC Properties warned the coming of difficult years due to the COVID-19 as it reported a second quarter losses of 280 million dirhams($76.2 million).
Inspite of of revenue increased 18% to 1.1 billion dirhans, the owner of the only Trump-branded golf club in the Middle East swung to a quartely loss from a 50.5 million dirham profit in the same period a year ago. According to Refinitiv data, it was the company’s third consecutive quarterly loss.
Chairman Hussies Sajwani is of opinion that the pandemic has negatively impacted sales and business activity and the company has witness difficult condition over the coming 18-24 months. Thought it was optimistic next year’s Dubai EXO would generate some demand, but the pandemic exacerbated a real estate slowdown in the Middle East business hub.
Sajwani said, DAMAC objective is to sell complete and near-completed developments and is not planning any new launches.
