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UAE corporate sector posts $2.8b earnings in Q1

According to a report by Kuwait Financial Centre, the UAE corporate sector has posted earnings of $2.8bn in the first quarter, compared with a loss of $1.7bn in the fourth quarter of 2010, Khaleej Times has reported. Abu Dhabi Commercial Bank and Emirates NBD led the growth in the first quarter with their earnings growing by 163% and 27%, respectively, over the corresponding 2010 period, while real estate recovery was led by profits of $51m at Aldar Properties after its loss of $3.5bn in 2010, the report said.