Archive for March, 2021

Saudi stocks surge to best day on mega $1.3 trillion roadmap

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The Saudi Stock Exchange (Tadawul) in Riyadh. Saudi Arabia’s $1.3 trillion private sector investment roadmap delighted the kingdom investors, sending the stocks soaring to their best day in a year. Petrochemical and banking shares led the way. Image Credit: Reuters Dubai: Saudi Arabia’s $1.3 trillion private sector investment roadmap delighted the kingdom investors, sending the[…]

Damac Properties’ 2020 loss widens to $283m, revenue up

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Leading Dubai developer Damac Properties has posted a AED1.04 billion ($283 million) net loss for 2020 compared to AED37 million ($10 million) the year before. Total assets stood at AED 21.1 billion compared to AED 23.8 billion as of December 31, 2019.   Announcing its audited financial results for 2020, Damac said the lasting effects[…]

Ellington Capital appoints property investment expert Simon Townsend as CEO

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DUBAI, UAE – Ellington Capital, a specialised real estate asset and fund management firm delivering 360-degree investment opportunities, announced the appointment of international property investment expert Simon Townsend as its Chief Executive Officer. Simon Townsend will be responsible for driving the growth of Ellington Capital with a focus on identifying property development and investment opportunities[…]

Emirates News Agency – DLD enhances auditing standards and controls on annual budgets for JOPs

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DUBAI, 30th March, 2021 (WAM) — Real Estate Regulatory Agency (RERA) at Dubai Land Department (DLD) has signed agreements with 27 audit offices, establishing and tightening standards and controls for auditing annual budgets for service charges and financial reports for jointly owned properties (JOPs) in Dubai. The auditing firms are required to audit the financial[…]