Dubai major realtor shuts down due to ‘worsening market’

An Emirates man examines a graphic city map of Dubai, depicting new real estate developments, during an exhibition entitled Cityscape exhibition in Dubai.

S&K Estate Agents, the leading estate agent and property management company in Dubai filed for bankruptcy after going out of business with the loss of dozens of jobs.

The company which traded as Smith & Ken, said in a statement, confirmed also that all 80 staff in both its Dubai and LA offices have lost their jobs.

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The company’s shareholders issued a statement reported by news agencies saying that it was no other choice “but to file bankruptcy and hand over accounts and any remaining income to our liquidator. Simply put, the revenue being generated by the business drastically reduced over the first half of 2015, without enough income to cover operational costs.”
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Source News: Alarabiya
Photo: AP/Kamran Jebreili