Al Dar Properties

Aldar Properties and DP World have signed a strategic agreement to develop a 1.55 million square foot Grade A logistics park in National Industries Park (NIP) in Dubai. This project is the first of its kind within NIP and aims to cater to third-party logistics (3PL), eCommerce, and retail tenants. The park will feature three modular buildings that can be adapted for single or multi-tenant use. Aldar will oversee the entire development process, from design to management. This initiative is part of Aldar's broader AED 1 billion investment to expand its logistics real estate business in Abu Dhabi and Dubai. The location is strategically positioned near Jebel Ali Port and Al Maktoum International Airport, offering excellent connectivity. The project aims to meet the high demand for warehousing facilities and strengthen DP World's position as a key distribution hub.

Aldar Properties has announced the launch of Verdes by Haven, a new community of apartments within the Haven masterplan in Dubai. This development emphasizes integrating nature and wellness with contemporary living, offering one-, two-, and three-bedroom apartments available from July 11, 2024. Verdes by Haven features resort-like amenities, including a state-of-the-art gym, spa facilities, and flexible coworking spaces. The community is designed to promote a tranquil living experience with lush landscapes and a gentle stream. Located along major transport routes, it provides easy access to key business and lifestyle hubs. Developed in partnership with Dubai Holding, prices for the apartments start at AED 990,000.

Abu Dhabi-based Aldar Investment Properties (AIP) has issued its second $500 million green sukuk, which was four times oversubscribed by regional and international investors. The issue achieved Aldar's tightest ever credit spread, reflecting strong business fundamentals and market confidence in the company's ESG commitments. The proceeds will be used in line with Aldar's Green Finance Framework, supporting investments in sustainable projects. The issuance also represents an opportunity for existing investors to reinvest, as Aldar has offered to buy back the sukuk maturing in 2025. This move is part of the company's $2 billion Trust Certificate Issuance Programme.

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.