> Al Ittihad Real Estate Company, listed on the Dubai Financial Market, has been accumulated and its accumulated losses and means of processing.
"The company said in a statement on Monday, the amount of accumulated losses amounts to AED 1961.1 million, 45.7% of its capital was AED 4289.54 million.
The company explained that the main causes that led to these accumulated losses are the loss of AED 2076 million on real estate investments in 2017, on correcting total area The flop and low fair value of the real estate portfolio.
In addition, in addition, a decline in 2017 was recorded in value of 503 million dirhams, a year in the real estate sector in the UAE, and the negative impact of Corona Pandemic on the company's activities.
The company confirmed that it is seriously dealing with accumulated losses through different measures, most notably restructuring its due debt, and refunds a large part of its non-consecutive dues, and continuous reduction of operational costs. / p>
