DUBAI, United Arab Emirates (AP) – DAMAC Properties, Dubai’s largest, fully private real estate developer, has posted its first yearly loss since becoming a publicly traded company in 2013.
That’s a worrying sign for the sheikhdom’s already-reeling vital property market now struggling with the new coronavirus pandemic.
DAMAC reported Sunday a lost of $10 million off revenues of $1.19 billion. The figures, however, don’t include the disruption caused by the new coronavirus and the COVID-19 illness it causes.
DAMAC has business ties to U.S. President Donald Trump and hosts the Mideast’s only Trump-branded golf course.