Dubai’s Deyaar hit by recession

Deyaar, Dubai'’s second-largest property developer by market value, suffered a third-quarter net loss of 145m dirhams (£24.3m), it said yesterday, missing an analyst forecast. The company, a rival of Emaar Properties and Union Properties, also said in a statement that gross revenue for the period came in at 63.5m dirhams. Deyaar’s total equity stood at 6.23bn dirhams at the end of September, it said. A Nomura International analyst had forecast that Deyaar would post a 53m dirham loss, after the company made a profit of 81.6m in the third quarter of 2009.