Dubai: As it launches more projects in Dubai, Abu Dhabi’s Aldar Properties cleared Dh1 billion in third-quarter profits, totalling Dh1.25 billion (against Dh886.7 million a year ago).
For the first nine months of 2024, the profit gain becomes even more stark – at Dh4.57 billion from Dh3 billion a year ago.
Two more island destinations
Aldar confirmed that it will soon announce projects on two of the smaller islands located off Yas and Saadiyat islands. There are meant for ultra-luxury homes, according to the CFO Faisal Falaknaz. These are part of the recent JV that Aldar has struck with the wealth fund Mubadala to create multiple new real estate asset classes in Abu Dhabi.
These islands will seek to build on the scale that Yas and Saadiyat have already attained as magnets for investments and as place to live, work and be in.
Those aren't the only islands in Aldar's scheme of things. It will soon finalise the masterplan for the Al Fahid Island, which spans 3.4 million square metres off the Sheikh Khalifa bin Zayed Highway. Again, the focus will veer towards luxury and ultra-luxe. (It was last year that Aldar acquired this project.)
While adding to its real estate base in Abu Dhabi, Aldar has in recent months been particularly active in Dubai, having just confirmed its latest project in Dubai, at Expo City. (This is the first launch since Dubai announced the new masterplan for the Expo City site.)
Mid-market housing for Dubai, Abu Dhabi
Aldar will also shift its development focus to more mid-market residential options, in Abu Dhabi and Dubai, which would be geared towards meeting the needs for a fast-expanding population base.
In the nine months to September, Aldar's total UAE sales were up 19% to Dh20.2 billion, further proof that sustained offplan property demand exists in Abu Dhabi and Dubai. (Aldar also has a growing base in Ras Al Khaimah.)
"The continued diversification of our investment portfolio is driving significant value creation on the back of strategic acquisitions and strong operational performance in a thriving UAE real estate market," said Talal Al Dhiyebi, CEO.
“An expanding landbank and newly formed strategic partnerships with Mubadala and Expo City Dubai are creating exciting new avenues for growth, enabling us to expand our presence across key segments and geographies."
London projects too
It's also keeping an eye out for prospects outside of the UAE too, notably in the UK through its real estate arm London Square.
Aldar's got the funds too, with Dh9.5 billion in 'free cash and unrestricted cash', apart from Dh8.4 billion in undrawn committed credit facilities.
"This favorable environment has enabled us to scale rapidly, balancing the expansion of recurring income streams with record development sales, while strategically reinvesting capital into new opportunities and securing partnerships that will drive further scale and value for both Aldar and Abu Dhabi,” said Mohamed Khalifa Al Mubarak, Chairman.
Aldar currently has Dh54 billion worth of projects under construction.
