We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

Latest News

Dubai developer Deyaar suffers $39.5 mln Q3 loss

Q3 net loss 145 million dirhams.


November 5, 2010 10:12 by

Deyaar , Dubai’s second-largest property developer by market value, suffered a third-quarter net loss of 145 million dirhams ($39.5 million), it said on Thursday, missing an analyst forecast.

The company, a rival of Emaar Properties and Union Properties , also said in a statement that gross revenue for the period came in at 63.5 million dirhams.

Deyaar’s total equity stood at 6.23 billion dirhams at the end of September, it said.

A Nomura International analyst had forecast that Deyaar would post a 53 million dirham loss, after the company made a profit of 81.6 million in the third quarter of 2009.

“The company remains committed to its consolidation and project completion strategy, including the handover of five Deyaar projects in the Business Bay area (in Dubai) in 2010,” the statement said.

In February, Deyaar’s former chief executive told Reuters the company was on track to hand over six projects in 2010 but it postponed a 500 million dirham distressed property fund that month due to difficult market conditions.

Dubai’s once-booming property sector has been hit hard by the global financial crisis as developers slowed or cancelled projects and jobs were slashed.

Deyaar said in June it is returning the management of a residential project to its owner National Bonds, the national savings scheme of the United Arab Emirates.

(Reporting by Firouz Sedarat; Editing by Jon Loades-Carter) ($1=3.672 dirhams)


Tags: , , , ,

Leave a Comment