May 03 2010 |
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UAE: Falling property value hits profit
DIFC Investments , owner of the Dubai International Financial Centre, posted a $561.4 million loss last year as it wrote down the value of properties. Its profit was $842.5 million in 2008.DIFC wrote down the value of its investment properties by $438.6 million in 2009 compared with a gain of $1.25 billion in the previous year, the results showed.
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