Real estate related economic and financial news covering the MENA region.
Sorouh results mirror UAE real estate rebound
Jul 31, 2012
The Abu Dhabi market gauge ADXGI gained for the fourth day straight Tuesday, closing 0.50% higher at 2,506.23 points. Shares of Sorouh Real Estate, the emirate's second developer, were the most liquid securities, ending up 1.94% to hit Dhs1.05. Earlier in the day Sorouh reported a 29% year-on-year increase in consolidated half-year net profits, amounting to Dhs259.4m. Sorouh, developer of projects such as Shams ABu Dhabi, said the result was reflecting continued strengthening of sustainable recurring income streams from Sorouhĺs investment portfolio, as well as revenues from its National Housing projects, subsidiaries and the release of contingencies and provisions. Regarding the ongoing merger talks with Aldar Properties, Sorouh said "The due diligence process is well under way and a further update will be made as and when appropriate."