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ABU DHABI: Aldar Properties, Abu Dhabi's struggling developer currently in merger talks with rival Sorouh Real Estate, more than doubled its first quarter net profit on land and residential unit sales to the government. The builder of the Yas Marina Formula One Circuit said in a statement on Saturday that it made a net profit of 478.2 million dirhams ($130.2 million) compared to 189.1 million dirhams in the same period in 2011. Analyst estimates for the company ranged from a net loss of 91 million dirhams by SICO Bahrain to a net profit of 193.2 million dirhams by Global Investment House. Revenue for the quarter was 3.58 billion dirhams, compared to 784.7 million dirhams in the same quarter last year, the company said. The revenue boost was due to a 2.2 billion dirhams related to sale contracts signed in 2011 with the government of Abu Dhabi and other related entities, the company said. "The ...

DUBAI: Dubai's Istithmar World said on Saturday it has became the sole owner of the Atlantis resort in Dubai after buying a 50 percent stake from luxury resort operator Kerzner International Holdings for $250 million. The Bahamas-based Kerzner International has been in talks with creditors to restructure $2.6 billion in mortgage debt. In August, the Wall Street Journal said the proceeds from Dubai's Atlantis resort sale would go toward paying down a portion of the mortgage ...
TOKYO: Housing starts in Japan rose 5.0 percent in March from a year earlier, posting a second straight month of increase, government data showed on Friday, helped in part by rebuilding efforts in the northeast region battered by last year's earthquake and tsunami. The rise compared with economists' median forecast for an 8.1 percent annual increase. Copyright Reuters, 2012 ...
BEIJING: Chinese banks lent 242.7 billion yuan ($38.5 billion) worth of property loans between January and March, down 54 percent from a year earlier, data from the central bank showed on Wednesday. The drop follows a 38 percent decline in 2011 and suggests Beijing is scoring success in tightening lending standards for real estate developers and buyers to rein in a red-hot housing market. Strong public discontent over China's home prices, which hovered stubbornly near record levels ...
SHANGHAI: New home prices in two-thirds of China's major cities fell in March, the government said Wednesday, as officials maintain policies to curb the property market. China has implemented several measures aimed at limiting runaway property prices for more than a year, including bans on buying second homes, hiking minimum down-payments and introducing property taxes in select cities. Out of 70 major cities tracked by the government, 46 recorded falls in home prices in March from the ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln