UPDATE 1-Stake sale helps lift UAE's Aldar Properties first-quarter profit | Reuters:
"Abu Dhabi’s largest developer Aldar Properties reported a 5 percent rise in first-quarter profit on Tuesday, beating analysts’ forecasts but mostly due to revenue from a stake sale. The property market in United Arab Emirates remains under pressure as a slowing economy in the last two years has depressed values and rentals, but Aldar said it was optimistic about sales of properties under development. “We continue to see an active and healthy off-plan market,” Greg Fewer, Aldar’s chief financial officer, said on a media call, adding that the recent acquisition of some assets in Abu Dhabi would add to the company’s earnings."
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