Google was fined for not removing content Russia deems illegal, while Discord was penalised for failing to restrict access to banned information
europe1 hour ago
Net income fell to Dh75.4 million ($20.5 million), the company said in an e-mailed statement on Sunday. That compares with a profit of Dh245 million a year earlier, according to Bloomberg data. Deyaar did not provide earnings per share.
The results are “pretty much in line with expectations,” said Bobby Sarkar, an analyst at Al Mal Capital PSC in Dubai. “They were affected by the downturn and unable to sell units.”
Dubai’s property market was hurt more than others by the global financial crisis. Home prices have tumbled by about 50 per cent from their peak and may drop a further 20 per cent this year, Deutsche Bank AG said last month. The collapse followed a construction boom that created thousands of homes just as demand began to evaporate because of the worldwide economic recession.
“While the global financial crisis continued to impact the company’s financial performance during the period, Deyaar performed strongly to move forward with its 2009 business strategy,” Chief Executive Officer Markus Giebel said in the statement.
The Dubai-based developer is on course to hand over seven projects this year. It has delivered five projects during the second quarter, including one in Lebanon, the statement said. The company maintains “a positive operational cash flow” and has “sufficient liquidity for the future,” the statement added.
Last week, Giebel had said categorically that while the Dubai government was looking at consolidation opportunities in the emirate’s real estate sector, his company was not exploring a merger with Union Properties.In a move to boost shareholder value despite a slump in property prices, Giebel said that the company expects to close a Dh500 million ($136.2 million) distressed debt fund by year-end. The fund is intended to clean up balance sheets of developers by buying distressed debts including its own. Deyaar will start raising funds in the next two weeks and should complete the task by the end of the year, he said.
Giebel had also said he expects the customer default rate to be in the “high single digits” as soon as plans allowing struggling home buyers to delay payments are discontinued.
Google was fined for not removing content Russia deems illegal, while Discord was penalised for failing to restrict access to banned information
europe1 hour ago
Playing in his homeland, Slovenia, captain Klemen Prepelic led from the front with 23 points
sports1 hour ago
The course focused on cutting-edge techniques in breast augmentation and lifting, utilising innovative B-Lite implants by Polytech
kt network1 hour ago
Israel says the killing of Hezbollah leader Nasrallah not the 'final' step
mena1 hour ago
All international professional teams must include an Emirati player
uae1 hour ago
This year, more than than 1.2 million Indians have travelled to the US, marking a 35 per cent increase over the same period in 2023
asia1 hour ago
The World Anti-Doping Agency is seeking a ban of up to two years after he twice tested positive for traces of the steroid clostebol
tennis1 hour ago
Global warming, combined with the silting of the Paraiba River, has contributed to the erosion of Atafona's coast and caused the destruction of 500 houses
world2 hours ago