The shareholders of Dubai developer Deyaar have approved the board of directors’ proposal to write off the accumulated losses through the company’s legal reserve and cancellation of shares equal to the remaining losses.
The shareholders have approved it through a special resolution.
“The accumulated losses amounting Dh1.7 billion [$462.8 million] as of 31 December 2021 will be written off using the legal reserve amounting Dh303.4m and cancellation of shares equal the remaining accumulated losses amounting Dh1.4bn”, the company said in a statement on Thursday to the Dubai Financial Market, where bill shares are traded.
Deyaar, which is majority owned by the UAE’s biggest Sharia-compliant lender Dubai Islamic Bank, will reduce the capital by Dh1.4bn to Dh4.38bn, the company said.
The proposed date to carry out the reduction is June 6, subject to the completion of the procedures and approvals from the relevant authorities as per the applicable rules and regulations.
By carrying out this resolution, the company will write off all accumulated losses in the company's financial statements without affecting its financial position.
It will increase “company's attractiveness to investors and the possibility of obtaining funds for its future projects, which will reflect positively on the share price in the Dubai Financial Market”, Deyaar said in a statement.
It will take into consideration the shareholders with small holdings, so that the reduction of the capital does not result in denying any shareholder of his shareholding in the company.
The company swung to full-year profit last year as revenue jumped on new project launches amid continuing recovery in the UAE’s property market.
Net profit for the 12-month period to the end of December jumped to Dh51m, compared with a net loss of about Dh217m in 2020. Revenue for the reporting period rose 22 per cent year-on-year to Dh505m.
The property market in the UAE, the second-biggest Arab economy, has made a strong recovery from the pandemic-induced slowdown amid business and social reforms and government stimulus measures to support the economy.
The value of property deals in Dubai more than doubled last year and broke a 12-year record in terms of real estate sales transactions, buoyed by demand in the secondary real estate market as the UAE economy continued to rebound.
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TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Ready Player One
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
