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The group had a development backlog of AED14.5 billion at the end of September, while its revenue backlog reached AED9.06 billion, up 55% year-on-year. (In the third quarter alone, revenue was AED2.71 billion and profit was AED601 million.)
Aldar’s series of high-visibility launches at Yas Island and Saadiyat Island were clearly well-served. In addition, completed assets in Abu Dhabi and Ras Al Khaimah were acquired. In addition, SODIC, together with ADQ, acquired Aldar in Egypt. Now, SODIC is interested in acquiring Orascom Real Estate, another Egyptian developer. To date, SODIC has contributed AED924 million in revenue and AED199 million in EBITDA to Aldar’s figures. (Aldar-ADQ owns just over 85 percent of SODIC.)
More is expected, with Aldar confirming that AED5 billion of surplus capital will be “allocated for acquisition equity investments over the next 9-12 months”. (Aldar suggested potential interest in Dubai-based school operator GEMS, and a possible sale.)
Talal Al Dhiyebi, Chief Executive Officer, said: “Aldar has demonstrated strength and agility through various economic cycles, continuing to accelerate its sustainable growth in the bullish UAE market while creating long-term value for its shareholders. We are therefore committed to working in We maintain the pace of our investment activity in the region, driven by our strong liquidity position and transformational growth strategy.
“As Abu Dhabi matures as a global investment destination, we will also continue to activate our extensive land bank to maintain our high level of development sales to match the growth in off-the-plan sales to international and expatriate buyers.”
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