Adil Taqi, John Wright resign from AKOYA developer DAMAC's board

DAMAC posted a net loss for the first time in a decade, with $10m for the year ending on 31 December 2019

DAMAC is led by founder and chairman Hussain Sajwani.
DAMAC
DAMAC is led by founder and chairman Hussain Sajwani.

Dubai Financial Market-listed (DFM) real estate developer, led by founder and chairman Hussain Sajwani, DAMAC Properties has revealed that two of the members have resigned from its board of directors.

In a stock market filing, the developer said that the members were Adil Taqi and John Wright.

It added that it will make further announcements following the appointment of new members to the board.

Taqi and Wright’s resignation comes at a time, when DAMAC posted a net loss for the first time in a decade, with $10m (AED36.8m) for the year ending on 31 December 2019.

Speaking to Construction Week at that time, the firm’s senior vice president,  Niall McLoughlin, said that the developer’s “financial performance for 2019 was adversely impacted by non-cash items such as provision for impairment on development properties and provision for doubtful debts worth $44.9m (AED165m)”.

2019 revenues plummeted by 41.7% to $1.2bn (AED4.4bn) in the same period compared to $1.7bn (AED6.1bn) in 2018.

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