Aldar Properties’ full-year profit up 27% as revenues grow

by SiDRA HOMES on January 22, 2023

Abu Dhabi’s largest listed developer Aldar Properties has signed a joint venture agreement with Dubai Holding as it seeks to develop new real estate projects across prime locations in Dubai.
The deal marks Aldar’s entry into Dubai’s property sector, as part of the company’s broader expansion into new markets, it said in a filing on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.
The move “adds considerable weight” to Aldar’s development pipeline, the Abu Dhabi company said.
The venture will develop new communities in three locations across an area of 3.55 million square meters.
“Our entry to Dubai is a milestone moment for Aldar, and we are excited about our long-term growth potential in the emirate alongside Dubai Holding, a prominent and strategic partner,” said Aldar’s group chief executive Talal Al Dhiyebi.
The new communities will be located in the suburban heart of Dubai — along the E311 and E611 corridors, close to several notable residential communities.
They will be on some of the remaining plots of land that are vacant and undeveloped in this popular area, the company said.
The launch of the venture follows Aldar’s recent acquisitions of Al Fahid Island in Abu Dhabi and a new waterfront development in Ras Al Khaimah.