Aldar profit drops by almost a fifth

DUBAI: Aldar Properties, the state-linked builder of Abu Dhabi’s Formula One circuit, reported a nearly 20 percent decline in third-quarter profit.
The results come against a backdrop of a slowing economy and property market in the capital of the UAE.
Aldar also announced management changes, appointing its chief development officer Talal Al-Dhiyebi as the new chief executive officer and named the current CEO Mohamed Khalifa Al-Mubarak as its new chairman.
Aldar made a net profit of 601 million dirhams ($163.64 million) in the three months to Sept. 30, compared to 747.8 million dirhams in the prior-year period. SICO Bahrain and EFG Hermes had forecast Aldar would make a quarterly a profit of 590.9 million dirhams and 630.0 million dirhams respectively.
The property firm said it will acquire office building International Tower and will continue to assess the market for other attractive acquisition opportunities.
— REUTERS