DAMAC Properties’ Profits Fall for Second Consecutive Quarter

DAMAC Properties’ Profits Fall for Second Consecutive Quarter

Dubai-based real estate developer DAMAC Properties reports a fall in profits for the second quarter in a row, Reuters reports.

The developer made AED 704.8 mn (USD 191.9 mn) in total comprehensive income for the April-June period, according to a statement released by Dubai’s bourse. This compares with income of AED 886.8 mn in the same period last year.

DAMAC hosted US President Donald Trump’s eldest sons Donald Trump Jr. and Eric Trump in February for the opening of the Trump International Gulf Club Dubai.

Donald Trump Jr. returned to Dubai in May to give the commencement speech at a local university, where he also met with DAMAC’s founder and Chairman Hussain Sajwani.

The property firm’s second-quarter revenue was AED 1.57 bn, down from AED 1.75 bn in the same period one year earlier.

Menna A. Farouk 368 Posts

Menna A. Farouk is a Cairo-based reporter. She has contributed to several international news organizations, including Deutsche Welle, Al-Monitor and Global Voices.


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