Construction Aldar profit climbs 40% as sales hit $7.6bn in 2023 By Pramod Kumar February 9, 2024, 6:38 AM Aldar Haven is the first of three new residential communities to be developed in Dubai as part of a joint venture between Aldar and Dubai Holding Aldar Properties, Abu Dhabi’s largest developer, said net profit rose 40 percent year on year to AED4.4 billion ($1.2 billion) in 2023 as annual revenue jumped 26 percent to AED14.2 billion. Full-year property sales hit a record AED27.9 billion ($7.60 billion), with Q4 2023 reaching an all-time of AED8.5 billion, the developer said in a statement to the Abu Dhabi bourse on Friday. The development revenue backlog doubled to AED36.8 billion, providing strong income visibility over the next two to three years. Aldar awards $6bn contracts for Abu Dhabi projects Aldar unveils $1.4bn plan for new real estate assets Aldar invests $272m to expand logistics business Aldar launched 14 new projects last year, making its first forays into Dubai and Ras Al Khaimah. There was strong demand from end-users and investors, with overseas and resident expat buyers accounting for 66 percent, or AED16 billion, of UAE sales. “The strength of the UAE economy, driven by a thriving business-friendly environment, continues to provide conducive conditions for the real estate market,” said chairman Mohamed Khalifa Al Mubarak. Net profit for the fourth quarter of 2023 rose 39 percent year on year to AED1.4 billion. Revenue was up 40 percent year on year to AED4.4 billion. The company is planning further expansion in its home market, with a strong liquidity position of AED2.9 billion in free cash and AED7.5 billion in undrawn credit facilities. The AED5 billion pipeline of “develop-to-hold” assets across core segments and AED1 billion investment in logistics is likely to bolster recurring-income streams and long-term capital appreciation. The developer recommended a dividend payout of AED1.3 billion for 2023. Aldar awarded 49 contracts worth AED22 billion across various projects in 2023, it reported on Thursday. The contracts are made up of infrastructure, residential, commercial, and mixed-use developments.
Energy Former BP boss named on Adnoc’s investment board Bernard Looney, the former CEO of BP, is among the board members of Abu Dhabi National Oil Company’s new lower carbon energy and chemicals investment company, XRG. Formed by Adnoc last month, XRG aims to more than double its $80 billion asset value over the next decade by capitalising on the demand for low-carbon energy […] 1 day ago
Aviation Used private jets soar as Gulf aircraft deliveries stall The Gulf’s second-hand private jet market has enjoyed a surge in popularity due to an influx of wealthy residents and delays in the delivery of new aircraft. “It is hard for [buyers] to get access to assets,” Vincent Rolland, director of JetNet IQ, a US-based market analysis and business aviation consultancy company, told AGBI. Clients […] 1 day ago
Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
Business of Sport Manchester City reports record revenues Despite a recent slump in form on the pitch, the Abu Dhabi-backed English football team Manchester City is thriving commercially, its annual report revealed this week. The club has announced record-breaking revenues of £715 million ($903 million) for the past year, with profits of £73.8 million. Chairman Khaldoon Al Mubarak said: “Our focus remains on […] 1 day ago
