In March, Aldar and Emaar launched a partnership that will focus on two projects worth $8.16 billion
Aldar Properties has announced a net profit of AED 668 million ($181.8 million) in the first quarter of 2018, a 4 percent increase over the same time period last year, the company announced on Tuesday.
In a statement, Aldar noted that the company recorded AED 1.5 billion ($408.3 million) in revenue and development sales of AED 681 million ($185.4 million).
In March, Aldar and Emaar announced a strategic partnership to develop iconic destinations with an initial focus on two projects with AED 30 billion ($8.16 billion) in gross development value.
“Aldar started 2018 strongly with the announcement of a historic partnership with Emaar to develop the next era of iconic real estate destinations,” said Aldar Properties CEO Talal Al Dhiyebi.
“The initial AED 30 billion pipeline of projects, including Saadiyat Grove in Abu Dhabi and Emaar Beachfront in Dubai, is just the start of this partnership, which will enhance our country’s reputation as a destination of choice for residents and tourists alike.”
Additionally, earlier in April Aldar announced the acquisition of portfolio of prime real estate assets worth AED3.7bn ($1 billion) from the Tourism Development and Investment Company (TDIC).
“Our acquisition…including a portfolio of assets in the prime Saadiyat Island destination, as well as the launch of Alghadeer in April, cements our reputation as Abu Dhabi’s leading real estate developer and asset manager and underlines the scale of our ambitious plans for future growth.”
According to Aldar, construction is progressing “well” at its key developments, with handovers complete at Ansam and Al Hadeel. Additionally, handovers have commenced at Al Merief and Nareel Islands, and are expected at West Yas – the company’s first villa community on Yas Island – in Q2.For all the latest real estate 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.