Dubai: Aldar Properties stayed ahead of the severe correction within Abu Dhabi’s realty market to post net profits of Dh2.8 billion, up 8 per cent on the 2015 number. It has declared a dividend of 11 fils a share compared with 2015’s 10 fils.
For this year, the developer confirmed it will be pressing ahead with mid-market residential offerings, targeted at buyers in the Dh10,000-Dh25,000 a month income bracket. These will be developed within the Reem and Yas island clusters.
Aldar also confirmed it will be channeling Dh3 billion into new projects this year, spread across all of its core areas, including hospitality and education assets.
A top official confirmed that the developer is not looking at any immediate land acquisitions, being fairly content with the 70 million square metres it currently holds.
