Aldar Properties, the UAE property group responsible for many Middle Eastern attractions - including the forthcoming Ferrari theme park – has seen its full-year profits fall from AED3.4bn (£596m) to AED1bn (£175m).

Revenue fell from AED4.9bn (£859m) to AED1.9bn (£333m), while EBITDA dropped from AED3.3bn (£579m) to AED906.8m (£159m).

Earnings per share dropped from AED1.39 compared to AED0.39 last year.

The group blames the decrease in revenue on a lower sale of land plots during 2009.

Despite the bad news, the group’s chair Ahmed Ali Al Sayegh remains optimistic: “The board believes Aldar will enjoy a strong 2010 despite continued economic uncertainty in the world. Abu Dhabi has demonstrated its resilience and provided regional stability which, in turn, provides a strong platform for Aldar to continue moving forward.

“The solid foundations put in place in recent years have made the business more resilient and well placed to prosper in this rapidly changing environment. We have taken proactive measures to adapt Aldar to the new economic environment to ensure we can successfully meet any challenges and take advantage of any opportunities resulting from the ongoing international financial turmoil. We are confident in the future of Abu Dhabi and Aldar for many years to come.”

The firm is to open the Ferrari World project in Abu Dhabi by the summer.