Abu Dhabi-based Aldar records best quarter ever

In the second quarter of 2021, the property developer’s sales hit their highest ever quarterly sales, bringing the total for the first half to AED3.4bn. Aldar Investment revenue swelled to AED874.5m n the second quarter, supported by steady occupancy across Aldar’s portfolio of investment properties and higher contributions from Provis and Aldar Education.

“Aldar’s diversified businesses have achieved significant uplift in activity over the last 12 months. Development launches have ramped up, third-party management fees have climbed as projects gathered pace, and our education and property management businesses have built considerable scale,” group chief executive officer of Aldar Properties Talal Al Dhiyebi said.

Expatriate homeowners and foreign investors represent 42 percent of total buyers, and Aldar reported strong demand from first-time homeowners and return buyers.

“This growth has been underpinned by strong appetite for prime Abu Dhabi properties among diverse end-users and investors, as well as further strengthening of investment-friendly policies, Al Dhiyebi said.

Beyond the UAE, Aldar is leading a consortium of investors that submitted a non-binding offer to acquire a majority stake in one of Egypt’s listed leading real estate development companies, Sixth of October Development and Investment Company. During Q2, the Company received an approval from the Egyptian Financial Regulatory Authority (FRA) for a 30-day deadline extension to finalise the due diligence process and relevant procedures.

“Benefiting from a cash position of over AED 4 billion and AED 4.5 billion of undrawn credit facilities, Aldar expects to sustain the accelerated pace of activity and take advantage of attractive investment opportunities presented by this market cycle. We will continue to launch new developments in premier locations and pursue further asset growth and diversification of our investment property portfolio,” Al Dhiyebi said.