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Unit of Dubai Holding Posts Big Loss


Dubai, UAE : 01 June 2010

Dubai Holding Commercial Operations Group, a company almost wholly owned by Sheikh Mohammed bin Rashid al-Maktoum, the ruler of the Emirate, has caused further concern about the state of Dubai’s economy by posting losses of $62 billion for 2009.

The company saw net profits of $4.7 billion in 2008 but has now stated that it might resort to sales of its assets to re-order its finances.  The losses were explained by DHCOG as being a result of the ‘significant reduction’ in the sale of land as Dubai’s property market continues to drag. 

Only last week Dubai Holding, DHCOG’s parent company asked creditors for a delay in repaying its first tranche of debt, from an initially agreed June to September 2010.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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