Abu Dhabi’s largest real estate developer, Aldar Properties, plans to spend AED5 billion ($1.36 billion) on acquisitions this year to grow its portfolio of revenue-generating properties.
The company wants to deploy surplus capital “as quickly as we can,” chief financial officer Greg Fewer told reporters on a call Wednesday, adding that a pipeline of possible deals exist.
The company reported a 21 percent increase in full-year net income earlier on Wednesday, supported by “strong performance” across group businesses.
Aldar said it has undrawn facilities with liquidity of AED9 billion, “providing significant dry powder for growth.”
“We have significant capital and we intend to deploy that capital over the course of the year,” Fewer said. The company will target mostly revenue-generating assets within education, retail, commercial offices and even residential real estate.
Earlier, Aldar Development, the property development arm of Abu Dhabi-based Aldar Properties, reported Wednesday sales of AED7.2 billion for 2021.
Major project launches, including multiple phases of Noya and Yas Acres, Al Gurm and the third phase of Saadiyat Reserve were the primary drivers behind the firm’s highest-ever yearly sales figure.
The company said that its sales were supported by a broadening of customer profiles, with a higher number of younger and female buyers entering the Abu Dhabi property market. Overseas and resident expat customers also grew, representing 44 percent of the developer’s sales, up from 32 percent last year.
The overall group reported revenues of AED8.58 billion for 2021, up 2 percent year-on-year, a gross profit of AED3.6 billion, up 21 percent year-on-year, and a net profit of AED2.33 billion, up 21 percent year-on-year.
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