Dubai’s property developer Damac reports $10M earnings loss
Associated PressDUBAI, United Arab Emirates — One of Dubai’s largest privately-owned developers, DAMAC Properties, reported on Tuesday $10 million in net loss in 2019, a year after net earnings had reached $313 million. DAMAC’s loss comes amid concerns of an oversupply of new properties on the market, which prompted Dubai’s leadership last year to announce a new committee to review real estate projects before they come into the pipeline. He’s repeatedly called for a moratorium on all new home construction for up to two years to stabilize market prices and renew confidence in Dubai’s property market. Dubai’s tourism sector is a key pillar of the economy and the emirate anticipates millions of visitors to the Expo that could help drive up revenue and local spending.
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