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Dubai Holding: AED 23.5 billion loss
Huge loss confirmed and asset value reduced by AED 47 billion.
June 1, 2010 2:58 by Samuel Potter
Dubai Holdings Commercial Operations Group has turned in a loss of AED 23.5 billion for 2009, reports the National.
The subsidiary of Dubai Holding has also written down the value of its assets by AED 47 billion, says the report, and “most of the losses and write-downs came in the real estate operations.” The company was hit hard by a slowdown in sales, and the dramatic fall in property prices in Dubai last year.
Chief executive Ahmed bin Byat said, “DHCOG’s portfolio of companies have endured a challenging year. However, the key initiatives undertaken place us in a strong position, enabling DHCOG to shift in line and adapt to current market conditions. As a result of the measures we took in 2009, DHCOG is well placed to meet its financial obligations in 2010. There is no need to restructure outstanding debt as discussions are taking place with banks to roll over our existing facilities at commercial terms.”