Abu Dhabi developer Aldar fourth quarter profit rises 79%

UAE.  Abu Dhabi’s Aldar Properties reported a 79 percent rise in fourth-quarter net profit on from the acquisition of former rival Sorouh Real Estate and the handover of more residential units.
The majority state-owned developer merged with Sorouh last year, forming the emirate’s largest property firm with assets in excess of $12 billion.
Abu Dhabi’s real estate market slumped by about 50 percent from its peak in 2008 after the global financial crisis triggered a crash. But prices rebounded strongly last year, rising some 25 percent with a series of market-boosting measures by the government.
More residential development planned to be launched the first half of 2014.
Source: Reuters