Aldar to increase operational income to Dh2.2 billion by 2020

The Abu Dhabi based property developer announced details of new projects

Image Credit: Bloomberg
Employees wait by a vehicle at the entrance to the headquarters of Aldar Properties PJSC
Gulf News

Abu Dhabi: Aldar Properties is planning to increase net operational income from Dh1.6 billion in 2016 to Dh2.2 billion in 2020, chairman of the company Abu Bakr Seddiq Al Khouri said at the company’s annual general meeting in Abu Dhabi on Monday.

The chairman also told shareholders that Aldar is studying investment plans outside Abu Dhabi as per its policy but he did not give details. It is also working on plans to increase the returns for shareholders, he said.

“We are working on something to be presented to the management,” he told shareholders. The AGM approved 11 per cent cash dividend for shareholders as proposed by the board for 2016.

The company posted a net profit of Dh2.8 billion in 2016, up 8 per cent on the 2015 number.

Aldar which announced a Dh3 billion investment programme for 2017 earlier this year said the projects have been identified for investments.

The investments announced on Monday comprise mid-market residential, hospitality and leisure, and retail assets on Yas Island and Reem Island amounting to a total of Dh1.9 billion.

This follows the Dh1.1 billion already invested in the Daman House acquisition, Al Jimi Mall extension, Al Mamoura school and Repton school, Aldar said.

All projects announced are scheduled to start construction this year and completed during 2019 and 2020, according to Aldar.

The projects comprise 600 mid-market residential units in Al Reem Island, Shams Marina, Yas Mall hotel, Yas Island and Retail Park in Yas Island.

The four-star Yas Mall hotel, attached to the mall is aimed at the family segment of the market and the hotel will have 349 keys, of which 70 will be serviced apartments.

Retail Park in Yas Island will be an extension to Yas Island retail portfolio which already includes Yas Mall, IKEA and Ace Hardware and comprising a leasable area of 27,000 square metres, is to be dedicated to the consumer segment of the automotive market. It will contain new car dealerships and F&B outlets.

Shams Marina, a mixed-use development, will comprise 329 marina residences, 192 serviced apartments, a four-star hotel with 262 keys, that will also include a club house and private beach.

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