Aldar Properties, Abu Dhabi’s biggest listed developer, reported a 7.6 per cent jump in second-quarter profit, thanks to higher revenue and rental income as the UAE’s property market continues to recover from the coronavirus pandemic.
Net profit attributable to owners of the company for the three-month period to the end of June climbed to Dh520 million ($142m), Aldar said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded. Revenue and rental income for the period rose more than 9 per cent annually to about Dh2.2 billion.
The company said it recorded Dh2.35bn in quarterly sales, its highest ever.
“This growth has been underpinned by strong appetite for prime Abu Dhabi properties among diverse end users and investors, as well as further strengthening of investment-friendly policies,” Talal Al Dhiyebi, group chief executive of Aldar Properties said.
“Aldar’s diversified businesses have achieved significant uplift in activity over the past 12 months.
“Development launches have ramped up, third-party management fees have climbed as projects gathered pace, and our education and property management businesses have built considerable scale.”
Net profit for the first six months of the year climbed nearly 36 per cent to Dh1bn, compared to the same period a year earlier. Revenue and rental income during the period rose 12.5 per cent to Dh4.23bn.
“Aldar expects to sustain the accelerated pace of activity and take advantage of attractive investment opportunities presented by this market cycle. We will continue to launch new developments in premier locations and pursue further asset growth and diversification of our investment property portfolio,” Mr Al Dhiyebi said.
Property markets in Abu Dhabi and Dubai, in common with other global property investment centres, have rebounded strongly, as pent-up demand along with central bank monetary support and government stimulus measures boosted economic activity.
Capital values in Abu Dhabi's residential investment zones rose by 2.1 per cent during the second quarter, compared with the previous three-month period, according a survey by real estate consultancy ValuStrat. They were 3.9 per cent higher year-on-year from the Covid-19 challenges of 2020, it said.
Aldar Investment said its revenue increased on the back of “steady occupancy across Aldar’s diversified portfolio of investment properties and higher contributions from Provis and Aldar Education”.
Aldar is also leading a consortium of investors that submitted a non-binding offer to acquire a majority stake in Egypt’s Sixth of October Development and Investment Company.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
MATCH INFO
Tottenham Hotspur 1
Kane (50')
Newcastle United 0
What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
Classification from Tour de France after Stage 17
1. Chris Froome (Britain / Team Sky) 73:27:26"
2. Rigoberto Uran (Colombia / Cannondale-Drapac) 27"
3. Romain Bardet (France / AG2R La Mondiale)
4. Fabio Aru (Italy / Astana Pro Team) 53"
5. Mikel Landa (Spain / Team Sky) 1:24"
'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
Rating: 4/5
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
