Dubai firm tied to Trump posts loss as virus downturn looms

World

An Emirati trader passes under the stocks display screen at the Dubai Financial Market in Dubai, United Arab Emirates, Sunday, March 8, 2020. Stocks markets in the Mideast suffered sharp drops in early trading Sunday over fears about the new coronavirus and demand in crude oil falling amid a failure by OPEC and allied nations to cut production. (AP Photo/Kamran Jebreili)

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.

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