Al Mazaya pays USD49.2m in provisions

02 Apr 2011

(MENAFN) UAE’s Al Mazaya Holding stated that it made provisions worth more than USD49.2 million after customers who bought homes in Dubailand did not commit to their payments, reported the National.

In addition, the company stated that losses in 2010 amounted to USD30.6 million.

As Al Mazaya invested heavily in Dubailand, the company’s losses were mainly driven by the failing of the development to attract sufficient investment.

It is worth noting that developers all over the UAE suffered from losses as they ran out of cash and as customers failed to pay.

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