Aldar Properties Reports Dh4.5 Billion Profit in First Nine Months of 2024 Following New Launch

Abu Dhabi’s Aldar Properties made Dh1 billion in third-quarter profits, or Dh1.25 billion, as it began more projects in Dubai (compared to Dh886.7 million last year).

The profit increase for the first nine months of 2024 is even more pronounced, going from Dh3 billion to Dh4.57 billion.

Aldar has been very active in Dubai in recent months, adding to its Abu Dhabi real estate portfolio. It recently confirmed its most recent project in Dubai, Expo City. (This is the first launch since Dubai revealed the updated Expo City site masterplan.)

Aldar’s overall UAE sales increased 19% to Dh20.2 billion in the nine months ending in September, providing more evidence of the ongoing demand for offplan real estate in Abu Dhabi and Dubai. (Aldar’s following in Ras Al Khaimah is also expanding.)

“The continued diversification of our investment portfolio is driving significant value creation on the back of strategic acquisitions and strong operational performance in a thriving UAE real estate market,” said Talal Al Dhiyebi, CEO.

“An expanding landbank and newly formed strategic partnerships with Mubadala and Expo City Dubai are creating exciting new avenues for growth, enabling us to expand our presence across key segments and geographies.”

London projects too 

Through its real estate division, London Square, it is also searching for opportunities outside of the United Arab Emirates, particularly in the United Kingdom.

In addition to Dh8.4 billion in undrawn committed credit facilities, Aldar’s also received the money, with Dh9.5 billion in “free cash and unrestricted cash.”

“This favorable environment has enabled us to scale rapidly, balancing the expansion of recurring income streams with record development sales, while strategically reinvesting capital into new opportunities and securing partnerships that will drive further scale and value for both Aldar and Abu Dhabi,” said Mohamed Khalifa Al Mubarak, Chairman.

There are currently Dh54 billion worth of projects being built in Aldar.