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Alpha Dhabi Holding, one of the UAE’s fastest growing investment holding companies, has increased its stake in Aldar Properties, the UAE’s leading real estate developer and manager, reaffirming its position as the single largest shareholder and thus the parent company of Aldar.
The additional stake came from Alpha Dhabi’s acquisition of an entity that already held a stake in Aldar, which was obtained after necessary regulatory approvals, a statement said. Financial details of the acquisition were not provided.
Aldar will now be considered a subsidiary in Alpha Dhabi’s consolidated financial statements, the impact of which will be reflected in its financial results beyond the second quarter of 2022, a statement said.
Eng Hamad Al Ameri, CEO of Alpha Dhabi Holding, commented: “We strongly believe in and support Aldar’s stock story, vision and strategy, as well as the positive and strong progress it continues to make in developing and expanding its platform. As a long-term strategic shareholder, Alpha Dhabi will continue to support Aldar’s management team in executing its transformational growth agenda.
“The macroeconomic environment in the UAE and the region remains strong, supported by rising oil prices and the accompanying continued economic growth. Several economic, social and regulatory policies and initiatives have strengthened the UAE’s position as a preferred choice for living, working and travelling destination, thereby increasing the demand for real estate. The result is a demand asset class across the UAE, the main markets where Aldar operates and new markets it has recently entered such as Egypt.”
As a leading regional real estate developer and manager, Aldar continues to deliver strong financial performance and shareholder returns, driven by its well-established Abu Dhabi business and diversified asset base. Aldar is pursuing a transformational growth agenda, reflected in its entry into new geographies and asset classes, as well as strong organic growth in its core markets over the past 12 months, the statement said.
Aldar recorded its highest annual development sales in 2021, doubling its sales from the previous year and expanding its land bank in the UAE. In addition, Aldar entered the high-potential Egyptian market and enhanced its diversification in the UAE by expanding into Ras Al Khaimah, a region that has emerged from the pandemic as a key investment destination.
The company has also entered the logistics real estate space for the first time and has plans for regional expansion. In addition, Aldar is attracting investments from global leaders such as Apollo, which recently invested $1.4 billion in strategic growth capital by monetizing Aldar’s long-term land bank and equity investments in its flagship investment property platform.
Going forward, the funds, along with existing cash and facilities, will be used to achieve the company’s growth ambitions, the statement added. -TradeArabia News Service
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