Abu Dhabi Developer Gains Momentum with New Project Launches, Including in Dubai
Aldar Properties is expanding its project portfolio, with significant developments announced in Dubai, including a major new project at Expo City. This marks another milestone in the developer’s efforts to grow its footprint beyond Abu Dhabi.
Dubai: Aldar Properties, based in Abu Dhabi, has reported impressive third-quarter profits of Dh1.25 billion, a substantial increase from Dh886.7 million in the same period last year. The company’s profit for the first nine months of 2024 surged to Dh4.57 billion, up from Dh3 billion in 2023.
New Island Projects On The Horizon:
Aldar has revealed plans to announce new ultra-luxury residential projects on two smaller islands located off Yas and Saadiyat islands. These developments are part of a joint venture with Mubadala, the wealth fund, aimed at diversifying real estate assets in Abu Dhabi. According to CFO Faisal Falaknaz, these islands will further build on the success of Yas and Saadiyat, both well-established hubs for investment, living, and business.
The company is also moving forward with plans for Al Fahid Island, a 3.4 million square-meter development located off the Sheikh Khalifa bin Zayed Highway. The project will focus on luxury and ultra-luxury residences, continuing Aldar’s expansion in high-end real estate. This acquisition was completed last year.
Expanding In Dubai And Mid-Market Housing Focus:
While Aldar continues to grow its presence in Abu Dhabi, it has also made significant strides in Dubai. The company recently announced a new project in Dubai’s Expo City, marking its first development since the city unveiled its new master plan for the area.
In addition to its luxury offerings, Aldar is set to introduce more mid-market housing options in both Abu Dhabi and Dubai to meet the growing demand from the expanding population. The company’s total UAE sales for the first nine months of 2024 rose by 19% to Dh20.2 billion, demonstrating strong demand for off-plan properties in both cities. Aldar is also expanding its presence in Ras Al Khaimah.
Strategic Expansion And Diversification:
CEO Talal Al Dhiyebi emphasized that Aldar’s growth is driven by strategic acquisitions and a diverse investment portfolio, with strong operational performance supporting its position in the UAE’s thriving real estate market. He noted that the company’s expanding land bank and new partnerships, including those with Mubadala and Expo City Dubai, are creating fresh opportunities for growth.
International Ambitions And Financial Strength:
Aldar is also eyeing international expansion, particularly in the UK through its real estate arm, London Square. The company is well-positioned to scale, with Dh9.5 billion in free and unrestricted cash and Dh8.4 billion in undrawn credit facilities, providing ample resources for future growth.
Chairman Mohamed Khalifa Al Mubarak stated, “This favorable environment has allowed us to balance expanding recurring income streams with record development sales, reinvesting capital into new opportunities, and forming partnerships that will further scale Aldar and benefit Abu Dhabi.”
Currently, Aldar has Dh54 billion worth of projects under construction.
New Logistics Hub In Abu Dhabi:
As part of its broader expansion into various real estate sectors, Aldar will also develop a new logistics hub near Zayed International Airport in Abu Dhabi. Regarding the partnership with Mubadala, Faisal Falaknaz noted, “We have Dh30 billion in prime assets to unlock even more opportunities for value creation.”
