Abu Dhabi Global Market chairman sees local real estate market moving to 'next level of maturity and growth'
The decision by Aldar Investments, the new company that owns the recurring revenue assets of property giant Aldar, to establish itself in the Abu Dhabi Global Market (ADGM) has been hailed as "a significant milestone" in the local real estate investment space.
ADGM’s chairman, Ahmed Al Sayegh, said that it was "heartening" to see how Aldar is tapping into ADGM’s platform to "take the real estate sector to the next level of maturity and growth".
Established in 2013, ADGM has already issued over 1,000 licences to entities including global financial institutions and real estate investment authorities.
He said in comments published by state news agency WAM that ADGM’s growth rate "has surpassed that of regional International Finance Centres", describing this as testament to its strength as "a growth platform, a trusted regulator and strategic business partner".
Earlier on Wednesday, Aldar Properties said it is spinning off its property investment arm to create the region’s largest diversified real estate investment company with more than $5.4 billion in assets.
The new company will take ownership of some of Abu Dhabi’s highest revenue-generating real estate assets, including more than 5,000 residential units and over 500,000 square-metres of prime retail and commercial space, including Yas Mall and the Gate Towers and Arc.
The announcement follows a recent decree from the government of Abu Dhabi that Aldar subsidiaries can now own property in the emirate.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.