Abu Dhabi’s Aldar has big plans for projects in Dubai

Ahmed Al Harthi/Flickr

• Aldar has two more Dubai ‘master plans’
• Abu Dhabi sales are strong
• Ras Al Khaimah and Saudi in sights

Aldar Properties, Abu Dhabi’s largest developer, plans to launch more projects in neighbouring Dubai this year.

Speaking at a press conference on Friday, Aldar’s chief finance and sustainability officer Faisal Falaknaz said the Abu Dhabi-listed developer is on track to launch its second master plan in Dubai in the second quarter of this year. The third master plan will be launched in the second half of the year.

Aldar is present in Dubai through its joint venture with Dubai Holding, the investment vehicle of Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum.

Haven, Aldar’s first Dubai project, was launched in the last quarter of 2023.

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Aldar reported on Friday that net profit rose 40 percent year on year to AED4.4 billion ($1.2 billion) in 2023, as revenue jumped 26 percent annually to AED14.2 billion.

Its sales reached nearly AED28 billion in 2023, most of which – AED24 billion – came from Abu Dhabi. The company expects to maintain at least the same, or even higher, growth rate in sales, according to Falaknaz. 

The majority of that growth will come from its base emirate in Abu Dhabi.

“Abu Dhabi still has significant room for growth. There’s a lot of demand for good quality real estate here,” Falaknaz said.

The developer has delivered 14 launches in the UAE.

The developer has also expanded to the emirate of Ras Al Khaimah and Falaknaz said that the company would continue to focus on hotels, but confirmed it has no plans to enter the casino business: “We are currently not taking any part in the gaming sector.”

Alongside plans to grow its UAE portfolio Aldar is ramping up expansion internationally, with a particular focus on Saudi Arabia, where the company could follow an approach similar to that in Egypt or the UK.

In December, it acquired London-based developer London Square in a deal worth AED1.07 billion.

“We would go either through a platform or a partner,” said Falaknaz.

“In Saudi Arabia, we are interested in all types of asset classes: logistics, residential, commercial retail, it would surely be around the main cities.”