Alpha Dhabi’s portfolio pays off

Alpha Dhabi sees lower earnings in 3Q amid fatter checks

Higher direct costs and expenses weighed on Alpha Dhabi’s 3Q results, with net income dipping 20.7% y-o-y to AED 3 bn, according to the company’s financial statements (pdf). Meanwhile, revenue rose 8.4% to AED 20.7 bn during the quarter.

9M gives a different perspective: Alpha Dhabi’s bottom line rose 22.8% y-o-y to AED 12.8 bn in 9M 2026, and its revenue went up 6.1% to AED 58.3 bn. It closed out that period with assets of AED 236.4 bn, 10% higher than last year, the company said in its management discussion and analysis report (pdf).

Behind the earnings: The real estate (38%) and industry (37%) segments together accounted for 75% of total revenues. When it came to the bottom line, real estate did most of the heavy lifting, accounting for AED 5.4 bn (42%), while services brought in AED 4.7 bn (37%). Industrials provided 17% of the bottom line, followed by construction with 4%.

Aldar was the strongest performer within the company’s portfolio with AED 7.1 bn in net income, followed by NMDC Group with AED 2.4 bn, PureHealth with AED 1.8 bn, and Trojan with AED 500 mn.

REMEMBER- The conglomerate has been busy this quarter, all the way from Silicon Valley to Sharjah. It committed USD 1 bn to AI fund Alpha Wave III (deepening exposure to OpenAI and Anthropic), doubled its MICAD private credit vehicle with Mubadala to USD 1 bn (raising its ownership to 40%), and financed Aldar’s AED 1.1 bn residential expansion into Sharjah.