Louvre Aldar
While it kept itself busy with new investments/acquisitions, Aldar also had a major offplan pipeline, with key launches including the Louvre Residences. Image Credit: Supplied

Dubai: Abu Dhabi’s Aldar Properties generated Dh2.31 billion in net profit for the first-half of 2022, a healthy 44 per cent up on last year, as offplan sales built up nicely. Revenues for the period came to Dh5.35 billion, up 26 per cent.

The developer will be deploying Dh5 billion in further equity capital over the next 12 months. It had this week announced another round of investments, in acquisitions of a resort in Ras Al Khaimah and four office towers on Al Maryah Island.

Aldar confirmed it had bought the four towers from Mubadala for Dh4.3 billion, making it one of the largest real estate transactions in the UAE. The half-year group-wide sales tally of Dh5.33 billion is also the highest for the developer, 'driven by strong local and international demand for existing inventory and new property launches in the UAE as well as robust sales from SODIC (the Egyptian developer in which Aldar bought a majority stake along with Abu Dhabi's ADQ).

"We remain focused on delivering new development launches and remaining active on the acquisition front as we continue to deploy capital effectively in value-accretive opportunities," said Talal Al Dhiyebi, Group CEO. "We have already demonstrated this commitment with the recent announcement of our acquisition of prime commercial properties in Abu Dhabi Global Market from Mubadala."

UAE sales

A busy offplan schedule was enough to fetch Aldar Dh4.01 billion in sales from the UAE, while SODIC in Egypt contributed Dh283 million. "Over the first-half of the year, we deployed and committed over Dh11 billion of capital, adding considerable scale and diversification to our portfolio as we expanded into new markets and sectors, and enhanced earnings growth across our platform," the CEO added.

There is also the $1.4 billion transaction with Apollo Global Management, which will help out with strengthening and accelerating long-term growth.

"We achieved robust development sales driven by substantial demand from end-users and international investors," said Al Dhiyebi. "Our fee-based business demonstrated strong momentum with a significant ramp-up in government projects and our investment property portfolio showed continued strength in terms of occupancy, income, and value appreciation." (Fee-based business for Aldar has a project backlog of Dh57.6 billion at the moment.)

Backed by a strong liquidity position and the additional firepower from Apollo Global Management’s investment, we are well-positioned to further progress our transformational growth strategy. This enables us to add further scale to our portfolio, specifically in the education and logistics sectors, as well as expand our geographical footprint across UAE, Egypt, and Saudi

- Talal Al Dhiyebi of Aldar Properties