Real estate related economic and financial news covering the MENA region.
GCC companies saw 2011 profits up 26% at $52.3bn
Mar 15, 2012
According to an economic report, Gulf companies reported a 26% increase in 2011 profits to $52.3bn compared with 2010, KUNA has reported. The net profits of commodities sector's companies reached $13.3bn in 2011 compared to $3.8bn in the previous year, thanks to the record rise petrochemicals' prices, the report issued by Kuwait Financial Center (Marzak) has added. The report has pointed out that the banking sector profits rose by 17% in 2011 to $20bn due to the huge government spending. The data also showed 23% slid in telecommunication sector profits. Meanwhile the real estate sector posted a total net profit of $2.4bn.