Al-Etihad Real Estate Company announced that it recorded an annual loss of 218.8 billion dirhams during the year 2019.
According to the company’s statement in the Dubai market, the company attributed those losses to the cost of bank loans granted in previous years to one of its subsidiaries, Thermo, where the total of these loans amounted to one billion dirhams.
The company indicated that this loan was granted more than five years ago, and Union Company continues to bear the cost of this loan.
The net losses of the company during the past year amounted to 218.8 million dirhams, compared to a profit of 62.3 million dirhams achieved by the company during the year 2018.
The company said that the expansion of the Autodrome project in the Motor City area in Dubai will generate annual revenue of 80 million dirhams, in addition to annual revenues from facilities and restaurants.
