Deyaar not to pay dividens for 3rd year

07 Mar 2011

(MENAFN) Deyaar Development board recommended that no dividends would be issued this year, as the company posted earlier in November 2010 its losses of Dh525 million for the first nine months of 2010, reported the National.

The new recommendation did not surprise anybody as the company did not give any dividends for the past two years.

A Deyaar spokeswoman said that the company is currently working on ten projects that should be completed by the end of 2011. However, the company has no new projects, which leaves little chance for it to generate revenue.

It is worth noting that in order for Deyaar to take new projects, it would have to secure new financing, which currently is very limited in the UAE’s market.

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