No details have been revealed about which subsidiaries the rules apply to
Subsidiaries of Abu Dhabi-based Aldar Properties can now own property in the emirate, according to a government decree.
In a statement posted to the website of the Abu Dhabi Securities Exchange said the decree was issued by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.
“The decree states that effective July 25, 2018, a subsidiary company which is more than 50 percent owned directly or indirectly by Aldar Properties may own real estate in Abu Dhabi,” the statement said.
No further details were given about which subsidiaries the decree applies to.
Aldar is expected to outline more details at an event scheduled at the Abu Dhabi Global Market on Wednesday.
In August, Aldar Properties reported a 28 percent year-on-year decrease in second quarter profit, which is said was partly due to a revaluation of properties in the company’s retail portfolio. In a regulatory filing to the Abu Dhabi Securities Exchange, the company also reported net profit attributable to shareholders of $121.15 million.
Earlier in the year, Aldar and Emaar announced a strategic partnership to develop iconic destinations, with an initial focus on two projects with $8.16 billion in gross development value.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.