DAMAC Properties' Board of Directors has approved an increase in the company's ownership of the capital of DAMAC International Limited.
According to Arabiyanet, the company said in a statement that the board agreed to increase its stake in the company from 20% to 45%.
The company announced earlier, that its losses increased by 2717%, during the year 2020, to reach 1.039 billion dirhams (about 283 million dollars), compared to 37 One million dirhams (about $ 10.1 million) in 2019.
The company said that the value of total assets stabilized at 21.1 billion dirhams, by the end of 2020, after it reached 23.8 billion dirhams on December 31, 2019.
DAMAC cut its quarterly losses by 36% to reach AED 107 million.
She added that it is logical that the ongoing crisis caused by the Covid-19 pandemic, which affected the world's economies, has affected DAMAC Properties' profit margin, as well as the global closure and restrictions Imposed on travel along with the decline in global travel, negatively on the real estate market in Dubai.
