Damac Properties Dubai Chief Finance Officer Adil Mohammed Hassan Taqi discusses the company’s full year net income performance and sales. He speaks to Bloomberg’s Yousef Gamal El-Din for “Bloomberg Markets: Middle East.”
Damac’s Q4 fell below Bloomberg’s report estimates.
“In Q4 we had less of villa sales which allow us higher profit recognition,” said Taqi.
“The we focused on new launches of business by area, but we are satisfied with the quality and the quarter we had.”
Taqi said that in 2018, the company is looking at defending its territory, and solidifying its position in the market, and hope for higher Q3,Q4 results.
“There are pockets of demand for properties, and surely our local residents market is important but we have seen higher demand from neighboring countries like Saudi and India, but also increasingly healthier demand from China where we will focus more to fully extract from opportunities there,” Taqi added.