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UAE/Abu Dhabi: Slowdown looms for shipbuilder

Abu Dhabi Ship Building, the defence company 10%-owned by the emirate’s government and 40% by Mubadala Investment Company, reported a fall in revenues but a rise in profits in 2017, helped by a cost-cutting programme. Revenues dropped 23% to reach Dh712m ($194m) in 2017 but contract costs fell 35% to Dh435m, resulting in a profit for the year of Dh105m, up 71% from the Dh61m recorded the year before.

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