LONDON: Damac Properties reported a second consecutive quarterly income decline after property development sales fell sharply.
The developer behind the only Trump-branded golf course development said total comprehensive income declined 19 percent to 704.8 million dirhams ($191.9 million) as the money it earned from property development fell.
Second-quarter revenue dropped to 1.57 billion dirhams from 1.75 billion dirhams a year earlier. Hussain Sajwani, chairman of Damac Properties, gave an upbeat assessment of the market despite the decline in sales.
“The property market in Dubai continues to demonstrate further stabilization, and our medium- to long-term outlook remains positive as Damac continues to develop innovative products that appeal to both end users and investors,” said Sajwani.
Damac is developing thousands of new homes across three main projects in the emirate — Aykon City, Damac Hills and Akoya Oxygen.
It delivered 1,071 units at its Damac Hills project in the first half of the year, bringing the total number of homes handed over to 3,100.
In February, the developer opened its flagship Trump International Golf Club Dubai, the first Trump-branded course to be developed in the Middle East.
Damac is currently building about 5,000 villas at its Akoya Oxygen master community in Dubailand, with a further 1,300 villas scheduled to begin construction in September 2017, the developer said.
Work is also nearing completion on Damac Towers by Paramount Hotels & Resorts, a four-tower, 250-meter high development consisting of over 2,000 units in the Business Bay district. Damac said property development revenues fell to 925.9 million dirhams in the second quarter, compared to 1.44 billion dirhams a year earlier.
However, land sales rose to 644.2 million dirhams from 312.8 million dirhams over the same period.
Damac reports decline in property development sales
Damac reports decline in property development sales
Education spending surges 251% as students return from autumn break: SAMA
RIYADH: Education spending in Saudi Arabia surged 251.3 percent in the week ending Dec. 6, reflecting the sharp uptick in purchases as students returned from the autumn break.
According to the latest data from the Saudi Central Bank, expenditure in the sector reached SR218.73 million ($58.2 million), with the number of transactions increasing by 61 percent to 233,000.
Despite this surge, overall point-of-sale spending fell 4.3 percent to SR14.45 billion, while the number of transactions dipped 1.7 percent to 236.18 million week on week.
The week saw mixed changes between the sectors. Spending on freight transport, postal and courier services saw the second-biggest uptick at 33.3 percent to SR60.93 million, followed by medical services, which saw an 8.1 percent increase to SR505.35 million.
Expenditure on apparel and clothing saw a decrease of 16.3 percent, followed by a 2 percent reduction in spending on telecommunication.
Jewelry outlays witnessed an 8.1 percent decline to reach SR325.90 million. Data revealed decreases across many other sectors, led by hotels, which saw the largest dip at 24.5 percent to reach SR335.98 million.
Spending on car rentals in the Kingdom fell by 12.6 percent, while airlines saw a 3.7 percent increase to SR46.28 million.
Expenditure on food and beverages saw a 1.7 percent increase to SR2.35 billion, claiming the largest share of the POS. Restaurants and cafes retained the second position despite a 12.6 percent dip to SR1.66 billion.
Saudi Arabia’s key urban centers mirrored the national decline. Riyadh, which accounted for the largest share of total POS spending, saw a 3.9 percent dip to SR4.89 billion, down from SR5.08 billion the previous week.
The number of transactions in the capital settled at 74.16 million, down 1.4 percent week on week.
In Jeddah, transaction values decreased by 5.9 percent to SR1.91 billion, while Dammam reported a 0.8 percent surge to SR713.71 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with the Kingdom’s Vision 2030 objectives, promoting electronic transactions and contributing to the nation’s broader digital economy.
