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Discuss this article (1 Comments)Aldar says Abu Dhabi still key market for future
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 07 October 2009
CAPITAL GAINS: Aldar's CEO said on Wednesday that Abu Dhabi would remain its key market. (ITP Images)
Aldar Properties, Abu Dhabi's largest property developer by market value, will continue to focus on the capital amid the global downturn, its CEO said on Wednesday.
John Bullough told Arabian Business that the developer had no plans to look outside of its core market for the "foreseeable future".
"Geographically our focus remains very much on Abu Dhabi. We've got such a significant pipeline of development and I am certain that it will remain our focus for the foreseeable future," he said.
Residential property prices in Abu Dhabi have declined 40 percent since their peak in the fourth quarter of 2008.
Despite the declines, Bullough said the UAE property market had entered a period of stability: "[The] next 12 months will continue to be stable."
Speaking on the sidelines of Cityscape Dubai, he added that the firm had changed its focus from property developer to asset manager.
"Aldar as a company is in a transition period from development to asset management and longer term investment. Our mission is to develop a long term sustainable community for Abu Dhabi to build Abu Dhabi," he added.
In July, the company announced net profits of AED1.14bn in the first half of the year, compared with AED2.6bn dirhams a year earlier.
READERS' COMMENTS
Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.
Sustainable community
Posted by Puma, Abu Dhabi, UAE on Thursday 8 October 2009 at 08:08 UAE time
It is good to know that there is some one in this country who talks in terms of "sustainable community". Had Dubai real estate circus managers thought of that, they would be better shape today. Having said that, I sincerely hope that Aldar understands what sustainable community is. If they are thinking fancy developments like Reem Island and Raha Beach is a step towards sustainable community, I am sorry to say they are sadly mistaken. The key to sustainable development is, build "Normal" communities, don't try to turn the whole of Abu Dhabi into a Monte Carlo.
Posted by Puma, Abu Dhabi, UAE on Thursday 8 October 2009 at 08:08 UAE time
It is good to know that there is some one in this country who talks in terms of "sustainable community". Had Dubai real estate circus managers thought of that, they would be better shape today. Having said that, I sincerely hope that Aldar understands what sustainable community is. If they are thinking fancy developments like Reem Island and Raha Beach is a step towards sustainable community, I am sorry to say they are sadly mistaken. The key to sustainable development is, build "Normal" communities, don't try to turn the whole of Abu Dhabi into a Monte Carlo.
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