Economy
Related: About this forumDubai firm tied to Trump posts loss as virus downturn looms
DUBAI, United Arab Emirates -- Dubai's largest, fully private real estate developer posted on Sunday its first yearly loss since becoming a publicly traded company, a worrying sign for the sheikhdom's already-reeling vital property market that's been hit with the fallout from the coronavirus pandemic.
DAMAC Properties, which has business ties to U.S. President Donald Trump and hosts the Mideast's only Trump-branded golf course, reported a loss of $10 million in 2019 off revenues of nearly $1.19 billion.
In a statement posted to the Dubai Financial Market stock exchange, DAMAC chairman Hussain Sajwani praised Emirati leaders for working toward stabilizing the economy. Thanks to the reform-oriented leadership of this country, the market is poised for a long-term upswing, Sajwani said.
That optimism may be belied by the economic repercussions of the new pandemic, which has halted global travel. Dubai International Airport, the world's busiest for international travel, largely has shut down, along with many private businesses.
https://abcnews.go.com/International/wireStory/dubai-firm-tied-trump-posts-loss-virus-downturn-69859152
Ferrets are Cool
(21,063 posts)magicarpet
(13,941 posts)Immediately we must help DUBAI, United Arab Emirates with an American taxpayer bailout and corporate welfare so the trDumpie swank-ie property investment companies and exclusive luxury golf courses do not suffer financially because of the economic down turn due to the Coronavirus.
Free market capitalism demands no less.
We must help the Trumps and their Arab friends financially during these difficult times - but please do not call it the dreaded word SOCIALISM or abhorrent word HYPOCRISY.
Here, park my yacht, I'll see you at the 18th hole for oysters, lobster, and cocktails.