Jan 27, 2020
JMJ is a transformational company with a global reach. Let's explore a region of the world we are quite active in regarding major capital projects in Dubai. Megaprojects are on the rise, no pun intended. The biggest hotel group in the Middle East, Jumeirah, has been instrumental in the planning of these mega-projects in Saudi Arabia. For Jumeirah CEO Jose Silva, speaking recently at the World Economic Forum in Davos, investment in major capital projects comes down to developing the "right address".
Silva's wish for Jumeirah is to have a hold of the top three sights developed in any prime location. He referenced Jumeirah's ongoing mega-projects in the region including the Red Sea development major capital project and upcoming hotel developments in Makkah and Madinah.
DUBAI: Dubai's biggest lender Emirates NBD reported a 15 percent drop in fourth-quarter earnings on Monday, below analysts' forecasts, on a jump in impairment charges, sending its shares down around 1 percent.
The bank booked impairment charges of 2.06 billion dirhams ($560.88 million) in the quarter, up more than three times from a year earlier due to higher bad debt charges as it consolidated results of newly acquired Turkish lender DenizBank.
Even without DenizBank, impairment charges were up 78 percent on lower writebacks and recoveries. The bank did not give details of these charges.
Banks in the United Arab Emirates (UAE) are bracing for more writedowns from the real sector amid a downturn, especially in the Dubai property market.
Fitch Ratings recently warned a weakening property market in the UAE was likely to put more pressure on the asset quality of the banking sector.
Emirates NBD reported a net profit of 2.02 billion dirhams in the fourth-quarter, down from 2.39 billion dirhams in the same period a year earlier. EFG Securities had projected a net profit of 2.45 billion dirhams.