Abu Dhabi property developer cites poor market conditions as reason for caution

One of Abu Dhabi's biggest property developers has said it is completing current projects before embarking on new jobs.

Sorouh, the emirate's second largest developer, said it would not make financial sense to begin construction when the market conditions are so bad.

The firm's chief executive officer, Mounir Haidar, said: “During 2009, we will focus on the on-time construction of Sorouh's projects which saw significant progress in 2008. We accept that 2009 will be slower than 2008.”

Last year the firm said that net profits rose 42% to 1.8bn dirhams (£344m) on the back of a 60% hike in turnover which ended up at 3.7bn dirhams (£718m).