The Aldar headquartrers in Abu Dhabi
Whether it’s in Ras Al Khaimah or the offplan launches in Abu Dhabi, Aldar is getting it right. Image Credit: Gulf News Archives

Aldar Properties, with a market cap of Dh37.66 billion, reported 2021 revenues of Dh8.58 billion, up 2 per cent year-on-year, while gross profit came to Dh3.6 billion (up 21 per cent). Net profit weighed in with Dh2.33bn, also a gain of 21 per cent.

The developer’s performance shows a business that is transforming and diversifying at pace, and it illustrates Abu Dhabi's appeal as a premier global investment destination. The real estate market continues to prosper because of the government's successful economic and social reforms, as demonstrated by the multiple sell-out launches that enabled Aldar to achieve its highest annual sales ever.

Steady on offplan

Major launches include multiple phases of Noya and Yas Acres, Al Gurm, and the third phase of Saadiyat Reserve. The company’s ESG focus saw it secure the region’s first sustainability-linked loan of Dh300 million with a five-year tenor.

With a revenue backlog of Dh6 billion, Aldar continues with a series of well-timed offplan launches. The liquidity position is at Dh5.4 billion in ‘unrestricted cash” and Dh4.7 billion in undrawn committed facilities. The revenue backlog of Dh6 billion raises the visibility and predictability of future revenue.

A RAK foray

The solid performance has enabled Aldar to carry forward the momentum. It completed an initial entry into Ras Al Khaimah, made significant investments in its education business, and introduced a range of enhanced sustainability initiatives that are positive for the business and the environment.

Aldar purchased the Al Hamra Mall in Ras Al Khaimah, and makeover plans for it fits in well with the overall narrative of Ras Al Khaimah. There are also the Louvre-branded residences at Saadiyat.

Aldar thus has laid the groundwork for expansion.