GCC companies lose $3.5b in Q4
22 Feb 2010
(MENAFN) A research issued by The National said that Gulf companies registered more than $3.5 billion losses in the fourth quarter last year, TradeArabia reported.
The report said that finance and real estate firms were the worst hit by the global crisis, weighing heavily on regional markets in the last few months.
Figures showed that among property developers which saw big losses during the quarter were Aldar Properties, the region’s second-largest developer by assets, which posted $153.2 million during the three-month period. Union Properties posted $135.5 million full-year loss in 2009.
Analysts expect further declines in the real estate market in the GCC region, particularly the UAE, which could adversely impact the balance sheets of banks and property developers.
Several analysts argued that this year would be more challenging than 2009 for companies, citing too many players, too much risk and too few opportunities available, according to the report.
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