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Stable financial results for Aldar

by James Boley on Oct 28, 2009

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Aldar saw a 58.1% increase in projects under construction compared with the end of 2008

Aldar has reported its financial results for the first nine months of 2009.

According to the results, the Abu Dhabi developer achieved a net profit of US $427 million (AED1.57 billion), with gross revenues of $473.8 million (AED 1.74 billion).

"I am pleased that in spite of the recent very challenging world economic conditions Aldar has continued to deliver positive results throughout the year and is seeing its assets grow in value,” said Aldar chairman Ahmed Al Sayegh.

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Developments under construction increased by 58.1% compared with the end of 2008. Recent months have seen Aldar deliver several projects, including the Yas Marina Circuit, seven hotels and the main section of the Sheikh Khalifa bin Zayed highway.

Aldar also stated that 2010 would see the delivery of Ferrari World in H2, and Al Bandar at Al Raha Beach in Q1.

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