Aldar adds AED 23 bn to its land bank

Abu Dhabi-based developer Aldar has expanded its land bank portfolio to the tune of AED 23 bn in gross development value across 23 mn sqm, according to an ADX disclosure (pdf). The new plots — spread on Saadiyat Island, and on and next to Yas Island — are earmarked for large-scale mixed-use communities, which include mansions, villas, and retail and lifestyle offerings. Launches will start from this year onward, and the overall builds will add 3k new homes.

Someone else is on board: Aldar said it’s carrying out the project as a joint venture with an established partner, but stopped short of specifying who exactly it was. Recently, the firm has partnered with Mubadala on the AED 60+ bn buildout of Al Maryah Island, raised USD 1 bn in a hybrid note issuance, and acquired AED 570 mn worth of logistics assets from AD Ports.

GFH wagers on Dubai’s boots-and-cranes leasing

Bahrain-based GFH Group bought a 60% stake in Byrne Equipment Rental, a Dubai-headquartered industrial services and equipment rental operator, as part of a broader USD 400 mn allocation into infrastructure-linked assets, according to a press release. The value of the stake wasn’t disclosed.

Why this asset: Byrne runs a fleet of roughly 16k units across the UAE, Saudi Arabia, Oman, and Bahrain, serving more than 1.1k corporate clients in oil and gas, construction, utilities, and events. The transaction gives GFH exposure to the GCC equipment rental market, which is predicted to see CAGR growth of 6.5% until 2034.

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