Abu Dhabi’s Aldar Properties projects put at $6.8bln
Company to deliver 1,700 units on Yas and Saadiyat islands in 2024
Staff Writer, Zawya Projects
Abu Dhabi-based Aldar Properties is executing housing projects worth at least 25 billion dirhams ($6.8 billion) in the UAE and other countries, a company executive has said.
The government-controlled firm, one of the largest developers in the region, is pushing ahead with major projects on Yas and Saadiyat islands and intends to deliver at least 1,700 houses, apartments and villas before the end of 2024, Group Chief Financial and Sustainability Officer Faisal Falaknaz said.
“In response to strong demand, the company is pursuing plans to develop its diverse portfolio of land and launch new projects, including a large project in Dubai in May and a luxury development on Fahid Island in the second half of 2024,” Falaknaz told Arabic language daily Alittihad.
“We have a large list of projects with a total value of more than 25 billion dirhams…they are expected to be completed within 3-4 years,” he said, adding that the company sold more than 7,000 units in 2023.
According to Falaknaz, Aldar’s net profit soared by nearly 88% to 1.57 billion dirhams ($427 million) in the first quarter of 2024 from around 835.8 million dirhams ($227.7 million) in the first quarter of 2023.
(Writing by Nadim Kawach; Editing by Bhaskar Raj)
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