Al Dar Properties

Aldar Properties, a leading real estate developer, has launched Athlon, Dubai's first 'active living' community. Developed in collaboration with Dubai Holding, Athlon is designed to promote active lifestyles and long-term wellness for its residents. The community includes a central park, leisure spaces, and four activity parks. The three to six-bedroom premium villas and townhouses in Athlon, located next to Global Village, will go on sale on 7 May 2024. This is the second residential project by Aldar and Dubai Holding, following the successful launch of Haven by Aldar in 2023.

The text provides a brief introduction to a review report and interim financial information for ALDAR PROPERTIES PJSC for the three-month period ending on 31 March 2024.

Aldar Properties reported a net profit surge of 88% YoY in Q1 2024, backed by strong backlog recognition. The company had strong development sales of AED 6.3 billion, up 39% YoY, with three project launches within the quarter. The development business hit a record run rate through the effective realization of backlog, which stands at AED 38.1 billion. The company saw continued growth in demand for UAE homes with overseas and resident expat buyers accounting for 75% of Aldar’s UAE sales. The company is focusing on growth in core markets through strategic land bank replenishment and new launches. The investment portfolio’s strong organic growth was complemented by prior-year acquisitions positively impacting the bottom line. The company has a robust liquidity position with AED 4.0 billion in free cash and AED 6.0 billion in undrawn committed credit facilities. Aldar continues to actively explore opportunities for disciplined capital deployment in core markets to drive diversification, scale and earnings growth.

The Board of Directors of Aldar Properties PJSC held a meeting on 29th April 2024. The meeting started at 09:00 am and ended at 09:30 am with all seven board members present, achieving a 100% quorum. The board approved the financial statements for Q1/2024 and considered general business, operational, and strategic items. The meeting was signed off by the authorized signatory, Mohammad Hatim Abedalrahman, who is the Company Secretary.

The text refers to a review report and interim financial information for the real estate development company, ALDAR PROPERTIES PJSC. The report covers the three-month period ending on 31st March 2024.

Resolution No. (378) of 2024 announces the temporary suspension of trading on the shares of Al Dar Properties. This decision is due to the company's Board of Directors meeting scheduled for 09:00 on 29-Apr-2024, which coincides with a trading session at ADX. The trading suspension will last until ADX receives the meeting results. The resolution mandates all department heads in ADX to implement this decision in their respective fields. The resolution will be circulated to the SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution, approved by the authorized person, was issued on 25/04/2024.

The Aldar Properties PJSC board meeting disclosure form indicates a meeting scheduled for the 29th April 2024, starting at 09:00 am. The agenda includes reviewing the company's financial performance for Q1/2024 and discussing general business, operational, and strategic matters. The authorized signatory for this document is Mohammad H. Abedalrahman, the company's secretary.

A three-bedroom penthouse at Aldar's Nobu Residences in Abu Dhabi has been sold for AED 137 million, setting a new record for the most expensive apartment ever sold in the city. The unit, which spans a total area of 1,430 sqm, also establishes a new benchmark for price per square metre at over AED 96,000. The sale follows the recent transaction of a sky villa at the same residence for AED 130 million. The high price reflects the growing appeal of Abu Dhabi as a desirable place to live and invest, driven by its business-friendly environment, entertainment offerings, beachside living, and incentives such as the 10-year Golden Visa programme.