Dubai: A solid fourth quarter performance did more than enough to deliver a record performance for Aldar Properties, with revenues for 2022 at Dh11.2 billion, up 31 per cent, and net profit surging 35 per cent to Dh3.1 billion. The numbers attest to significant demand for ready and offplan property in Abu Dhabi, and will also give impetus to Aldar in continuing with its expansion spending spree.

The developer, who last week confirmed an entry into Dubai through an alliance with Dubai Holding, spent Dh11.3 billion in acquisitions during 2022, including resorts, land and a mall in Ras Al Khaimah; super-premium office towers in Abu Dhabi’s Al Maryah Island; and ‘islands’ too.

“Aldar has entered a new phase of growth that has driven record financial results in 2022 and reinforced the company’s status as a major force in the regional real estate sector,” said Talal Al Dhiyebi, Group CEO. “Our prime investment property portfolio has proven resilient to global disruption and has experienced an increase in capital values, even at a time of rising interest rates and international market softness.

“Our development business attracted unprecedented demand from overseas buyers, and we have a strong pipeline of new developments, which will attract both local and international investment, including our first communities in Dubai.”

In Dubai, the plan is to build three communities initially, bringing in new concepts that can attract a wider or new buyers.

More to follow...