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Abu Dhabi: Aldar Properties PJSC, the developer of Ferrari and Warner Bros-branded theme parks in Abu Dhabi, reported a 22 per cent rise in fourth-quarter profit helped by sales of plots, homes and land value gains.
Net income climbed to Dh528.3 million ($144 million) from Dh432.7 million in the year-earlier period, Bloomberg calculated by subtracting nine-month data from full-year results provided by the company yesterday.
The value of projects under development quadrupled to Dh8.4 billion at the end of last year from Dh2.12 billion at the end of 2006.
"We have a strong base from which to take Aldar forward," Ronald Barrott, Aldar Properties' chief executive officer said in the statement.
Aldar Properties, the largest real-estate developer in Abu Dhabi, is building a theme park, hotel, cinemas and studios in the city with Time Warner Inc, through its Warner Bros Entertainment Inc unit.
Abu Dhabi, home to more than 90 per cent of the UAE's oil and gas reserves, aims to replicate the success of neighbouring Dubai by spending billions of dollars on lavish projects aimed at becoming a tourism entertainment hub in the Arabian Gulf.
Major projects
Aldar's shares fell 9.3 per cent to Dh9.52 on the ADSM yesterday as the slump in global markets pushed foreign investors to offload gulf shares.
Aldar, which is building the $18 billion Al Raha Beach project in Abu Dhabi, has a land bank that extends across 34 million square metres (366 million square feet) and is valued at about Dh38 billion.
Aldar has joined rival Abu Dhabi real estate developers, including Sorouh Real Estate PJSC, the second-largest real estate company in the emirate, to jointly invest in projects throughout the Gulf, North Africa and Europe.
The first project to be developed by the so-called Al Maabar partnership will be in the Moroccan capital of Rabat. The developer may also seek to raise debt for a project in Kazakhstan to be built by Al Maabar with a development value of about $2 billion, Barrott said last month.
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