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Thu 8 Aug 2019 04:01 PM

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Abu Dhabi's Aldar eyes expansion in Saudi Arabia, Egypt

CEO Talal Al Dhiyebi says Aldar sees 'interesting opportunities' in Saudi Arabia and describes Egyptian market as 'attractive'

Abu Dhabi's Aldar eyes expansion in Saudi Arabia, Egypt
Aldar CEO Talal Al Dhiyebi.

Aldar Properties said on Thursday it is considering expanding its development and asset management businesses into Saudi Arabia and Egypt.

Aldar sees “interesting opportunities” in Saudi Arabia “with the expansion and investment plans there,” said CEO Talal Al Dhiyebi said in an interview with Bloomberg TV.

“The Egyptian real estate market is another very attractive market that we are also always looking into.”

Abu Dhabi’s largest developer earlier Thursday posted a 7 percent rise in second-quarter profit to AED476 million ($130 million) as revenue climbed 10 percent to AED1.66 billion.

Al Dhiyebi also said supply-demand conditions in Abu Dhabi’s property market are “much more balanced” than in other markets because 80 percent is offplan sales.

He said Aldar has seen an upswing in demand, especially in the affordable segment, adding that landlords are re-positioning a lot of assets.

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