Solidere pays out
dividends despite losses

Better sales expected this year

Solidere will pay dividends of $35 million to its shareholders and expects greater property sales by the end of 2016.

In an announcement following its General Assembly meeting, held June 27, the real estate developer said that it will distribute one share for every 80 shares, and $0.10 per share, based on shareholders’ record as of August 18, 2016.

Nasser Chammaa, Chairman, said: “Despite last year’s negative results, 2016 is beginning to witness positive and encouraging signs.” Land sales have so far reached $158 million to date and are expected to reach $211 million by the end of the year.

Solidere liquidity is projected to touch $750 million in the next three years, with most of it expected to be distributed to shareholders. The company owns 39 percent of Solidere International which is developing projects in Saudi Arabia and the United Arab Emirates.

Solidere posted a loss of $87.2 million in 2015, following on from a profit of $113.7 million in the previous year. The loss was said to be due to weakness in sales revenues, which included failed talks of rescheduling payments that led to the cancellation of two major sale deals.