{"id":88789,"date":"2024-02-07T00:00:00","date_gmt":"2024-02-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/aldar-earmarks-aed-5-bn-for-new-abu-dhabi-assets\/"},"modified":"2024-02-07T00:00:00","modified_gmt":"2024-02-07T00:00:00","slug":"aldar-earmarks-aed-5-bn-for-new-abu-dhabi-assets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/02\/07\/aldar-earmarks-aed-5-bn-for-new-abu-dhabi-assets\/","title":{"rendered":"Aldar earmarks AED 5 bn for new Abu Dhabi assets"},"content":{"rendered":"

Real estate developer <\/strong>Aldar Properties<\/a><\/strong> plans to spend AED 5 bn on new real estate <\/strong>assets in Abu Dhabi<\/strong>, according to an ADX disclosure (pdf)<\/a>. The investment will go towards developing commercial properties across Yas Island, Saadiyat Island, and Al Maryah Island, in addition to retail and hospitality assets in Saadiyat Island\u2019s Cultural District, with the handovers scheduled to take place between 2025 and 2027. <\/p>\n

The company\u2019s investment portfolio \u2014 held by its investment arm Aldar Investment <\/strong>Properties \u2014 is currently valued at AED 25 bn<\/strong>, the statement said, and is focused on a \u201cdevelop-and-hold\u201d approach that can \u201csignificantly increase recurring-income streams and long-term capital appreciation,\u201d the company said.<\/p>\n

More office developments: <\/strong>The developer will direct part of the investment to up its commercial net leasable area by 31% to 549k sqm, to meet growing demand for Grade A office spaces across the emirate, the disclosure notes. Developments will include a 12-storey office tower scheduled to be completed in 2025; a business park in Saadiyat Grove, scheduled to be completed in 2027; and a new office tower inside Al Maryah Island\u2019s financial district accompanying its 37-storey office building inaugurated in 2023<\/a> in a joint venture with Mubadala. <\/p>\n

And new retail and hospitality assets: <\/strong>Aldar will develop new retail community assets in Saadiyat Lagoons, Noya, and Yas Golf Collection, as well as 78k sqm leasable retail space in Saadiyat Grove, including retail spaces, a shopping destination, and two retail boulevards. The developer will also add a Nobu-branded hotel to its hospitality portfolio in 2Q 2027.<\/p>\n

Background:<\/strong> Aldar\u2019s expansion into Abu Dhabi\u2019s financial district comes after it acquired four<\/a>Abu Dhab<\/a>i Global Market (ADGM) towers<\/a> for AED 4.3 bn and 25-storey Al Maryah Tower<\/a> for AED 450 mn in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"

Aldar plans to up its commercial leasable area by 31% to 549k sqm<\/p>\n","protected":false},"author":1,"featured_media":88790,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1565],"tags":[1360,97,7,477,25,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-abu-dhabi","tag-aldar-properties","tag-enterpriseam-uae","tag-hospitality","tag-investment-watch","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"f177ef37-6e70-40e4-88ed-8b09c2d77a3a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/424.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aldar earmarks AED 5 bn for new Abu Dhabi assets","related_issue":[88778],"teaser":"Aldar plans to up its commercial leasable area by 31% to 549k sqm","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.30fd8977-e5d3-47aa-9709-d7f1b123d1e1.mp3"},"yoast_head":"\nAldar earmarks AED 5 bn for new Abu Dhabi assets - 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