Dubai Holding arm reports $6.2b annual loss

01 Jun 2010

(MENAFN) The Chief Executive Officer at Dubai Holding Commercial Operations Group, a real-estate and hospitality firm, said that the company has posted a full-year loss of $6.2 billion after property prices plunged, Gulf News reported.

According to the CEO, the loss attributable to the shareholders compares with the year-earlier profit of $2.72 billion. Impairment charges for the year surged to $6.13 billion from $2.07 billion in 2008, while revenue dropped to $2.59 billion from $3.59 billion.

The Dubai government and its state-owned companies have racked up $109.3 billion of debt, according to International Monetary Fund estimates, as the emirate sought to transform itself into a tourism, trade and financial services hub. About $15.5 billion of that is due this year, the IMF said.

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