A view of the Abu Dhabi city skyline. (File photo: Reuters)
Aldar Properties PJSC, Abu Dhabi’s largest developer, plans to start projects in Dubai this year after entering the Middle East business hub in a joint venture with Dubai Holding.
Chief financial officer Greg Fewer said on Thursday that logistics and commercial offices “look very attractive in Dubai and these are areas you should expect to see us move into over the next 12 to 24 months”.
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Dubai is “a super important market for us and we see a lot of growth there,” he said. “We are seeing growth development value of more than AED20 billion in projects we have acquired and partnered with state-owned Dubai Holding,” said Fewer.
The stunning upturn in Dubai’s real estate market has also seen it break a decade-long record for total home sales and push rents to unprecedented levels. That bucked the trend in much of the world, with values falling sharply amid surging interest rates and an increasingly bleak economic outlook.
Outside the United Arab Emirates, Aldar has gained a foothold in Egypt by acquiring a majority stake in a developer called Sodic, and is also reportedly considering a majority stake in Egyptian developer Medinet Nasr Housing. Fewer said he sees “a huge growth opportunity in Egypt.
The developer posted a profit of US$840 million (AED3.1 billion) for the year, beating analysts’ expectations. The company reported a surplus of AED5 billion in equity capital, which is intended to fund a series of acquisitions.
Aldar’s shares have risen 4.7 percent this year, compared with a 2.6 percent drop in the benchmark Abu Dhabi stock index.
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