Press releases, Reports & Disclosures for Al Dar Properties

Aldar Properties and Mubadala Investment Company have begun construction on One Maryah Place, a two-tower Grade A commercial development on Al Maryah Island in Abu Dhabi. This project will provide around 98,000 square meters of new office space to meet the increasing demand from global corporations and financial institutions at the Abu Dhabi Global Market (ADGM), an international financial center.

Aldar and Expo City Dubai have formed a joint venture to develop a mixed-use project comprising six buildings, valued at over AED 1.75 billion. This development will include residential, office, and retail spaces, enhancing Expo City Dubai's appeal as a desirable location for living, working, and leisure. The project aligns with Expo City's master plan to boost investment and business in Dubai South and adheres to both partners' Net Zero commitments, promoting sustainable urban living. Located near Al Maktoum International Airport and the Dubai Exhibition Centre, the development is well-connected by major highways and a metro station. It is part of a larger plan to expand the Dubai Exhibition Centre, increasing its exhibition space significantly by 2031.

London Square, a company owned by Aldar, has launched two new residential developments, Twickenham Green and Twickenham Square, in the highly desirable area of Richmond Upon Thames, Southwest London. This marks the first residential projects by London Square since Aldar acquired the developer last year. The developments offer UAE investors a chance to enter the UK housing market through a reputable London-based developer. Aldar has expanded London Square's landbank by adding eight new sites in prominent London areas, aiming to unlock growth opportunities. The Twickenham area is known for its quality lifestyle, with green spaces, excellent schools, and convenient transport links. The new homes feature modern designs, including two, three, and four-bedroom mews-style houses and apartments with waterfront views and landscaped spaces. Prices for these homes start at £835,000.

Aldar, a leading real estate developer in the UAE, is investing AED 1.5 billion to transform its hotel portfolio in Abu Dhabi, aiming to capitalize on the growth of the UAE’s tourism sector and the global luxury travel market. Key changes include rebranding the Eastern Mangroves hotel as a Waldorf Astoria luxury resort, reimagining the Yas Plaza Hotels under the IHG brand to create the world's largest Vignette Collection resort, and converting the Tilal Liwa hotel in Al Dhafra into a luxury desert escape under the same brand. Additionally, Aldar is refurbishing and expanding its Nurai Island resort and enhancing its flagship hotels in Ras Al Khaimah. This transformation aligns with Abu Dhabi's strategy to increase international tourism, which saw a 27% rise in hotel guests in 2023.

Aldar Properties and Mubadala Investment Company have formed a strategic partnership to develop and manage real estate assets in Abu Dhabi valued at over AED 30 billion. This collaboration aims to enhance Abu Dhabi's status as a global business and lifestyle destination. The partnership, inaugurated by His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, leverages Mubadala’s land bank and institutional strength alongside Aldar’s development and asset management expertise. The joint ventures will include a retail platform featuring Yas Mall and The Galleria Luxury Collection, income-generating assets in Masdar City and Al Falah, and new luxury residential communities on islands near Saadiyat and Yas Islands. The ventures are expected to be finalized in the coming months, subject to due diligence.

Aldar Properties announced the complete sell-out of its luxury canal-front community, Yas Riva, on launch day, generating over AED 1.4 billion in sales. Expatriate residents and overseas buyers made up 48% of sales, while Emirati, Indian, Pakistani, and British buyers were the top four nationalities by sales volume. The rapid sell-out highlights Yas Island's appeal for luxury living and its growing status as a premier investment destination. UAE nationals accounted for 52% of sales, indicating strong local interest, while 60% of buyers were under 45, showing the development's popularity among younger individuals. First-time buyers of an Aldar property comprised 38% of sales, demonstrating Aldar's expanding customer base both locally and internationally.

Aldar Properties has announced the launch of Yas Riva, a luxury villa community on Yas Island, Abu Dhabi, set to be available from September 13, 2024. Yas Riva will feature 151 four, five, and six-bedroom villas, both canal-front and canal-accessible, offering a lifestyle of ease and elegance in a tranquil waterfront setting. The canal-front homes will include private docks, allowing residents to explore the waterways by boat. The community is designed with sleek and elegant principles, providing access to world-class attractions and thoughtfully landscaped gardens and parks. The villas will be available to buyers of all nationalities.

ALDAR Properties PJSC has released a review report and interim financial information for the six-month period ending on June 30, 2024.

On 29th July 2024, Aldar Properties PJSC held a Board of Directors meeting from 9:00 am to 9:35 am with six board members present, achieving a quorum of 85.7%. The meeting resulted in the approval of the financial statements for Q2 2024 and the consideration of general business, operational, and strategic items. The authorized signatory for the meeting was Mohammad Hatim Abedalrahman, the Company Secretary.

Aldar's net profit for the first half of 2024 increased by 57% year-over-year, driven by significant backlog realization and strong performance in its investment portfolio. Key highlights from H1 2024 include a 21% YoY increase in development sales to AED 14.0 billion, with 79% of UAE sales coming from overseas and resident expat buyers. The company reported a record development backlog of AED 39.0 billion, with AED 33.2 billion in the UAE, supporting future revenue over the next 2-3 years. Aldar also made a strategic entry into Dubai's commercial segment with a total commitment of AED 1.8 billion and formed a strategic partnership with DP World to develop a logistics park in Dubai. The company's investment properties platform aims to diversify and grow earnings through strategic capital deployment and asset optimization. Aldar issued a second USD 500 million green sukuk and conducted a tender buyback of 2025 sukuk, optimizing its debt structure. The company maintains ample liquidity with AED 3.6 billion in free cash, AED 7.6 billion in undrawn committed credit facilities, and AED 6.2 billion in unrestricted escrow accounts. Financial results for H1 2024 include: - Revenue: AED 10.9 billion (+73% YoY) - Gross Profit: AED 3.9 billion (+43% YoY) - EBITDA: AED 3.9 billion (+61% YoY) - Net Profit (after tax): AED 3.3 billion (+57% YoY) For Q2 2024: - Revenue: AED 5.3 billion (+64% YoY) - Gross Profit: AED 1.8 billion (+27% YoY) - EBITDA: AED 2.0 billion (+42% YoY) - Net Profit (after tax): AED 1.8 billion (+37% YoY) Aldar’s effective tax rate for H1 2024 was 4.1%, following the introduction of UAE corporate income tax on January 1, 2024. Pre-tax net profit increased by 63% to AED 3.5 billion in H1 2024 and by 42% to AED 1.8 billion in Q2 2024.