First Dubai suffers Dh118m loss

Dubai: Real estate company First Dubai suffered a Dh118 million or 11.52 fils per share loss in the first nine months of this year.

The financial results for the first three quarters were announced following a meeting on Thursday attended by First Dubai Chairman Seraj Al Baker.

Al Baker said that development work on the company's projects in Dubai and Abu Dhabi is progressing, and that profits are flowing in from the firm's operations.

However, First Dubai incurred unrealised losses of Dh208.5 million in the third quarter, although shareholders' rights were not affected, as these losses were recorded in the cumulative change in fair value of investments available for sale within equity.

Now after booking the losses in the income statement, they were transferred to accumulated losses within equity as well.

Al Baker said the company's five-year plan commenced earlier this year, with the delivery of its mega projects in Dubai.

They include The Villa residential project in Dubailand, which is 50 per cent complete; the Queue Point project at Al Liwan in Dubailand, which includes five residential buildings that have been completely sold and which is 20 per cent complete, and the Sky Gardens project, 60 per cent of which has been sold. The remaining plots, including residential and office units, will be offered for lease as part of a large marketing campaign to be launched in December. First Dubai has a particular interest in Sky Gardens, as the project is a landmark within the Dubai International Financial Centre.