Decline in GCC Property

Gcc earning are likely to fall of to 20% according to the Kuwait Financial Centre.While Earning have been capsized down to 42% in 2008 as compared to thath of 2007.Earnings of real estate companies also had adown fall by 31 per cent year on year in 2008 but were better than the overall earnings.

Abu Dhabi-based Aldar, expect earnings of $543 million this year. The developer, who is famously working on the Ferrari-branded theme parks, recently sold Dh4.5 billion in bonds making it the first real estate company to issue debt since August last year.

However, the property market is now stabilising and therefore market value has recovered since the beginning of the year.aldar

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