Deyaar 2010 losses at USD626.4b

25 Mar 2011

(MENAFN) Deyaar’s chief executive, Saeed Al Qatami, said that the developer suffered from losses totaling to USD626.4 million on writedowns and impairments, reported Emirates 24/7.

Al Qatami said that these losses are due to what he calls extremely difficult and unstable financial conditions that the market is going through.

Al Qatami also said that losses in the fourth quarter amounted to USD481 million, compared to net losses of USD49.5 million, in the same period of the previous year.

It is worth noting that Deyaar, Dubai’s second-largest property developer by market value, currently operates more than 14,000 commercial and residential units in the UAE.

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