Mixed results expected for Dubai developers

Fourth quarter results for a number of Middle Eastern property development firms will paint a mixed a picture of the sector, it has been suggested.

According to figures from Credit Suisse, some companies will post robust results for the last three months while others will see weakening performances, the Khaleej Times reports.

It said that Sorouh Real Estate and Aldar Properties will see strong results for quarter four.

However, Emaar Properties is likely to experience a slip in revenue growth, which will reflect a fall in profits for the year of 13.3 per cent due to a goodwill write-down to John Laing Home, Credit Suisse stated.

"We expect fourth quarter earnings for both Aldar and Sorouh to increase by 62 per cent and 13 per cent respectively compared to the third quarter," the paper reporting the company has saying.

It added that Union Properties could see earnings decrease by 50 per cent.

These figures follow news from state-owned developer Nakheel that it is to stop construction on what is set to become the world's tallest tower.

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