Real estate developer Aldar Properties is planning to build a USD 6.8 bn luxury beachfront community spanning 3.4 mn sqm in Al Fahid Island within 5-7 years, Aldar Chief Financial and Sustainability Officer Faisal Falaknaz told Bloomberg. The project will also include schools, hotels, retail, and entertainment facilities.

Sales to kick off soon: The Abu Dhabi developer is set to kick off sales for the development with 7k luxury homes in 2H 2024.

Background: The developer acquired the land for the development at USD 2.5 bn last year, Bloomberg said.

EARNINGS-

Aldar’s net income after tax rose 88% y-o-y to AED 1.6 bn in 1Q 2024, with revenues rising 83% y-o-y to AED 5.6 bn during the quarter, according to an earnings release (pdf). The group’s results came as Aldar Development’s revenues rose 103% y-o-y to AED 3.8 bn, while Aldar Investment — which includes Aldar Hospitality, Aldar Education, Aldar Estates, and asset management business Investment Properties — saw its revenues rise 31% y-o-y to AED 1.6 bn.

What they said: The real estate developer’s results “…reflect the strength of the real estate market in the UAE, particularly in Abu Dhabi, where the emirate’s growing appeal as an international investment destination is driving our growth,” Aldar CEO Talal Al Dhiyebi said. “Our investment portfolio continues to show solid organic growth on the back of a strong macroeconomic backdrop, along with our acquisitions continuing to surpass our initial expectations,” Al Dhiyebi added.

Tags: