Thursday 15 February 2018

UAE's Aldar plans $1.47bln capex over two years, 2017 profit falls -CFO | ZAWYA MENA Edition

UAE's Aldar plans $1.47bln capex over two years, 2017 profit falls -CFO | ZAWYA MENA Edition:

"Aldar Properties , the state-linked builder of Abu Dhabi's Formula One circuit, said it plans to spend 5.4 billion dirhams ($1.47 billion) over the next two years after reporting an 80 percent drop in fourth quarter profit.

The results come against a backdrop of a slowing economy and property market in the oil-rich capital of the United Arab Emirates.

Aldar made a net profit attributable to owners of 141.0 million dirhams ($38.4 million) in the three months to Dec. 31, compared with 727.9 million dirhams a year earlier, CFO Greg Fewer said on a conference call on Thursday."



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