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Damac announces $136m profit
- United Arab Emirates: Wednesday, November 26 - 2008 at 08:09
Dubai-based property developer Damac has recorded a Dhs500m ($136m) profit for the first nine months of this year, Hussain Sajwani, chairman of Damac Holding, told Gulf News. Sajwani said all of the projects that Damac has launched are still going ahead, but plans to expand to new territories, such as India, Pakistan and Morocco are on hold. He added that Damac in Dubai has a total borrowing value of about Dhs420m, while in all other areas, 'zero has been borrowed'.
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Jeff Florian, Senior ReporterWednesday, November 26 - 2008 at 08:09 UAE local time (GMT+4)
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