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Aldar unveils $1.4bn plan for new real estate assets

Aldar
The masterplan of Saadiyat Grove. Aldar's new investment will focus on commercial, retail and hospitality assets, as part of the 'develop-and-hold' portfolio

Aldar Properties will invest AED5 billion ($1.36 billion) to develop a range of commercial, retail, hospitality and logistics assets within its prime real estate projects in Abu Dhabi.

The assets, which will be part of the developer’s investment portfolio, will be delivered in a phased manner between 2025 and 2027, the Abu Dhabi-listed developer said in a statement on Tuesday.

“Aldar is driving the rapid expansion of its high-value asset portfolio through a disciplined acquisition and ‘develop-and-hold’ approach to increase recurring-income streams and long-term capital appreciation,” said group CEO Talal Al Dhiyebi.

Abu Dhabi’s largest developer will build commercial assets across three key destinations: Yas Island, Saadiyat Island and Al Maryah Island.

The new 12-storey office tower, which is under development next to the Yas Plaza Hotels on Yas Island, is expected to be handed over in 2025.

On Saadiyat Island, the company will develop a business park with 26,000sq m of new leasable area (NLA) at Saadiyat Grove, a mixed-use development in the Cultural District. The project is due for completion in 2027.

Aldar will also extend its partnership with Mubadala, an Abu Dhabi sovereign investor, by adding a second tower on Al Maryah Island to go with the grade A 37-storey office building it announced last year. The expansion follows the acquisition of the four Abu Dhabi Global Market (ADGM) towers and Al Maryah Tower in 2022.

The new commercial developments will increase Aldar’s commercial NLA by 31 percent to 549,000sq m. Occupancy across its commercial property portfolio has reached 95 percent, with levels at the four ADGM towers at 96 percent by the end of 2023.

On the retail side, the company is developing 78,000sq m of NLA at Saadiyat Grove, including a central shopping destination, two retail boulevards and community retail spaces. Aldar will also develop retail community assets in its other key communities, including Saadiyat Lagoons, Noya and Yas Golf Collection.

Within its hospitality portfolio, the company will develop and manage the new Nobu-branded 127-key hotel on Saadiyat Island, which will be completed in the second quarter of 2027. 

The office and retail assets will be part of the Aldar Investment Properties’ portfolio, which holds AED25 billion worth of income-generating real estate assets. 

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