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Quarter four results are out for the Real Estate sector. To put it gently, things have definitely looked better

Eva Fernandes

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If we’ve said if once, we’ve said it at least a hundred times before, the property market in the UAE is, to put it lightly, troubled (though phrases like ‘massively oversupplied’ and ‘in severe debt’ also come to mind). Anyway, with the fourth quarter results out from a few of the usual favourites of the sector, Kipp gives you a quick round up:

Sorrow at Sorouh:

There was somewhat shocking news this week, when Abu Dhabi’s second largest developer Sorouh Real Estate posted a Dh199 million loss for Q4 2010, a significant drop from the Dh28.1million profit it report in its Q4 2009 report. Failure to deliver key projects is a part of the reason for the loss. In particular the Sun and Sky Towers on Reem Island, which were meant to be delivered nine months ago, are now expected to be delivered by the end of the first quarter of 2011.”I think the most significant thing now is delivery,” said Richard Amos, the chief financial officer of Sorouh. “We are moving into a phase of delivery and can bear the fruit of all the investment we have put into the business.” So thinks will be okay, they hope.