Dubai's oldest free zone yesterday said profits more than halved last year because of write-downs on property investments.
The Jebel Ali Free Zone, which was founded in 1985 and operates the commercial hub around the emirate's main Jebel Ali port, said it made Dh139.7 million (US$38m) last year, down 51 per cent from the Dh286.7m of profit it reported in 2009.
The decline, revealed in documents posted on the website of Nasdaq Dubai, came as impairments on investment properties last year rose to Dh198.3m from just Dh28.4m the year before.
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