A view of Damac logo in Dubai city center. February 10, 2018, Dubai, United Arab Emirates.
Artur Widak | NurPhoto via Getty Images
DUBAI — Dubai property developer Damac has canceled its dividend payments, conceding slumping profitability and a weak market are hurting its operations.
“Kindly be advised that Damac confirms the news shared on the media in respect of non-distribution of dividends in light of the low profitability and the weak market,” the company said in a statement to the Dubai Financial Market on Wednesday.
“This is the view of the management for the time being and the same shall be refined as we approach the time of distributing the dividends,” it added.