A property company that heavily invested in Dubailand has made provisions of more than Dh181 million (US$49.2m) after customers who bought homes in the development defaulted on their repayments.
Al Mazaya Holding, which lists its shares in Dubai and Kuwait, lost Dh112.5m last year. It did not provide figures for 2009.
Developers countrywide have racked up losses on soured projects this year after developments ran out of cash and customers failed to make mortgage payments.
"Al Mazaya did everything possible to maintain its relative stability throughout 2010," said Rashid Yaqoob al Nafisi, the chairman. Dubailand,on the outskirts of the city, failed to attract sufficient investment to build more than a handful of the original 45 theme-based developments planned. Al Mazaya said investors had defaulted on projects including Business Avenue Towers in Jumeirah Lakes.
* The National
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8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
UAE currency: the story behind the money in your pockets
