Aldar Properties to deliver developments this year

Abu Dhabi Abu Dhabi's major real estate developer Aldar Properties is set to deliver a number of property developments this year in the emirate, a top-ranking company executive, familiar with the developments, told Gulf News on Sunday.

"Mix-use developments Al Muneera and Al Zeina on the Al Raha Beach are set to be delivered later this year. Al Muneera is scheduled for delivery in the second half of 2011, while Al Zeina will be delivered around mid-2011," said the Aldar executive.

He said Aldar's Headquarters, HQ, is now ready and about 70 per cent of the office space in the building has been leased.

"Aldar is also going to hand over Al Buteen school in the Al Buteen area this year as well as the Al Noor Tower — an office tower — in Al Muneera during the second half of 2011," the executive added.

Aldar's portfolio of projects in the emirate of Abu Dhabi is valued at more than $75 billion (Dh275.43 billion) with the entire portfolio slated to be completed and delivered in this decade.

Rebound

The stock of Aldar on the Abu Dhabi Securities Exchange (ADX) rose 3.98 per cent yesterday to close at Dh1.85 in a rebounding market.

Last month, Aldar's chief financial officer Shafqat Malek said he expects the company to return to profit by the end of this year.

"In the coming year, you will see that the company will be in the black at net profit level for 2011 and 2012 as well," Malek told investors at the time. "We don't expect the market will remain like this — there is a future," he added.

Real estate companies in the UAE have been on the path of recovery as econ-omic growth gains traction.