{"id":91479,"date":"2024-04-30T00:00:00","date_gmt":"2024-04-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/aldar-plans-aed-25-bn-luxury-beachfront-development-in-abu-dhabi\/"},"modified":"2024-04-30T00:00:00","modified_gmt":"2024-04-30T00:00:00","slug":"aldar-plans-aed-25-bn-luxury-beachfront-development-in-abu-dhabi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/30\/aldar-plans-aed-25-bn-luxury-beachfront-development-in-abu-dhabi\/","title":{"rendered":"Aldar plans AED 25 bn luxury beachfront development in Abu Dhabi"},"content":{"rendered":"

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

Sales to kick off soon: <\/strong>The Abu Dhabi developer is set to kick off sales for the development with 7k luxury homes in 2H 2024. <\/p>\n

Background: <\/strong>The developer acquired the land for the development at USD 2.5 bn last year, Bloomberg said. <\/p>\n

EARNINGS-<\/p>\n

Aldar\u2019s net income after tax rose 88% y-o-y to AED 1.6 bn in 1Q 2024, <\/strong>with revenues rising 83% y-o-y to AED 5.6 bn during the quarter, according to an earnings release (pdf)<\/a>. The group\u2019s results came as Aldar Development\u2019s revenues rose 103% y-o-y to AED 3.8 bn, while Aldar Investment \u2014 which includes Aldar Hospitality, Aldar Education, Aldar Estates, and asset management business Investment Properties \u2014 saw its revenues rise 31% y-o-y to AED 1.6 bn.<\/p>\n

What they said:<\/strong> The real estate developer\u2019s results \u201c...reflect the strength of the real estate market in the UAE, particularly in Abu Dhabi, where the emirate\u2019s growing appeal as an international investment destination is driving our growth,\u201d Aldar CEO Talal Al Dhiyebi said. \u201cOur 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 <\/span>expectations,\u201d Al Dhiyebi added.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The developer will kick off sales of 7k homes in 2H 2024<\/p>\n","protected":false},"author":1,"featured_media":91480,"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":[1360,97,7,25,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-abu-dhabi","tag-aldar-properties","tag-enterpriseam-uae","tag-investment-watch","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"7611548e-fcaf-4e73-b6d7-6bebc6777fa0","order":"7","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 plans AED 25 bn luxury beachfront development in Abu Dhabi","related_issue":[91468],"teaser":"The developer will kick off sales of 7k homes in 2H 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.f96aba67-43f9-49cd-9150-15461baa4a5c.mp3"},"yoast_head":"\nAldar plans AED 25 bn luxury beachfront development in Abu Dhabi - 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