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Damac’s liquidity hits AED 7bn – CFO

Damac’s liquidity hits AED 7bn – CFO
Damac Properties’ chief financial officer Adil Taqi
Damac
DAMAC
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By: Mahmoud Gamal 

Dubai – Mubasher: Damac Properties’ chief financial officer, Adil Taqi, told Mubasher that his company’s financial status is strong, with total liquidity of AED 7 billion, despite the challenges that have been facing Dubai’s real estate sector.

The Emirati developer on Tuesday reported a net profit of AED 862 million for the first six months of 2018.

Damac’s booked sales registered AED 2.3 billion from January to the end of June.

The company is currently focusing on its projects in Dubai, but it keeps an open eye for strategic investments domestically and globally, Taqi continued.

The top official added that Damac is planning to hand over 4,000 units by the end of 2018.

Damac’s earnings per share (EPS) hit AED 0.14, while delivered units reached 1,490 in the six-month period ended 30 June.

Asked about the possibility of entering a huge partnership like the AED 30 billion joint venture between Aldar Properties and Emaar Properties, Taqi maintained that his company has no plans to take such step but it would rather seek to collaborate with landowners.

Taqi stressed that Dubai’s real estate sector is full of potentials and is ready to get back on track, given the economic and the political stability the UAE enjoys.

 

Translated by: Muhammad Khalid