Abu Dhabi based Aldar Properties announced exciting projects as the company surpasses AED 1 billion in third-quarter profits. The overall profits total up to AED 1.25 billion against 886.7 million a year ago.
From generating AED 3 billion last year to Dh4.57 billion currently, the growth in earnings for the first nine months of 2024 shows remarkable progress.
Two New Island!
According to Aldar, plans will be revealed soon for projects on two smaller islands located near the Yas and Saadiyat islands. According to CFO Faisal Falaknaz, the new announcements will be ultra-luxury homes and these latest developments are part of the joint venture between Aldar and Mubadala to create new real estate assets in Abu Dhabi.
These islands will seek to further build on the success of Yas and Saadiyat as hubs for investment and as well as the places to live and work.
as hubs for investment and as well as the places to live and work.
In Aldar’s scheme of things, those islands are not the only ones. The 3.4 million square meter master plan for Al Fahid Island, which is located off the Sheikh Khalifa bin Zayed Highway will shortly be finalized. Fahid Island will also be focusing on luxury and high-end luxury. (This project was purchased by Aldar last year.)
Aldar has been involved in various developments in Dubai in recent months, adding to its Abu Dhabi real estate portfolio. One of their recent announcements include a new project in Expo City, making it one of their latest announcements in Dubai.
Aldar will focus on the mid range apartments to fulfill the demand of the fast-expanding population of Abu Dhabi & Dubai.
Noticeable results were observed in Aldar’s total sales in UAE, which rose 19% to AED 20.2 billion in nine months as of September. This confirms the demand for off-plan projects in Abu Dhabi and Dubai. Meanwhile, Aldar also gains a noticeable presence in Ras Al Khaimah.
According to CEO Talal Al Dhiyebi, the company’s ongoing investment portfolio diversification is generating substantial value creation through selective acquisitions and solid operational performance in the booming UAE real estate market. We have a growing landback and new strategic alliances like Expo City and Mubadala, allowing us to expand our presence across key geographic areas and segments. We have a growing landback and new strategic alliances like Expo City and Mubadala, allowing us to expand our presence across key geographic areas and segments.
Developments in London
Aldar is also looking for prospects outside United Arab Emirates, which includes the United Kingdom, through its real estate division, London Square.
In addition to AED 8.4 billion in undrawn committed credit facilities, Aldar has also received an additional AED 9.5 billion in “free and unrestricted cash.”
As the company strategically reinvests their capital into new opportunities and forms partnerships that will drive further scale and value for both Aldar and Abu Dhabi, the Chairman, Mohamed Khalifa Al Mubarak, stated, “This favourable environment has enabled us to scale rapidly, balancing the expansion of recurring income streams with record development sales.”
There are now AED 54 billion worth of projects being built by Aldar.
For any buy, sell, lease or listing inquiries, please contact us at +971 56 484 3380
