Aldar Properties, Abu Dhabi’s biggest listed developer, plans to launch a dozen new projects this year amid the UAE’s property market recovery and will continue to look for acquisitions to boost its portfolio, according to a senior company executive.
The developer will start one new project in Ras Al Khaimah and the rest will be in Abu Dhabi, Jonathan Emery, chief executive of Aldar Development, told The National in an interview on the sidelines of Abu Dhabi Sustainability Week on Tuesday.
Last year, Aldar bought a 40,000-square-metre plot on Al Marjan Island in Ras Al Khaimah to build its first residential community in the emirate as part of its expansion plans beyond Abu Dhabi.
“We are talking of tens [of] billions [of dirhams] ... [That] will be the total value of projects and they will be launched in different phases,” Mr Emery said.
The UAE property market has continued to recover from the coronavirus pandemic on the back of government initiatives, higher oil prices and other measures to support the economy.
Property transactions in Dubai and Abu Dhabi surged last year amid higher demand from buyers.
The performance of the Dubai property market last year was described as "exceptional" by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, as the value of deals reached a new high of Dh528 billion ($143.7 billion).
The value of transactions was up 76.5 per cent annually, while the number of transactions, at 122,658, rose 44.7 per cent year on year, a Dubai Media Office statement said this week.
Abu Dhabi's property market recorded 4,441 transactions amounting to $5.7 billion in the three months to September, according to a report by the Department of Municipalities and Transport.
“We believe that the market is solid and strong … clearly, it’s been very resilient to the global economic challenges and the fundamentals feel solid,” Mr Emery said.
“However, one can never defy gravity completely … we are watching for all of the early signals, and we are being cautious about the launches and the scale of the projects that we are bringing forward.
“But on the other hand, we are also enormously positive, so we are planning those 12 projects, if the market remains solid, we have others that we can release as well if it continues to grow.”
Aldar, which has developed a number of projects in Abu Dhabi such as Ferrari World and Yas Mall, reported an 18 per cent increase in its third-quarter profit last year on the back of higher revenue and rental income.
Group sales at the end of the third quarter reached Dh9.3 billion, surpassing the previous year’s total group sales by Dh2 billion. Mr Emery did not divulge details about 2022 total sales.
There has been an “exponential increase in numbers of offshore investors wanting to come to Abu Dhabi, which I think is partly about Aldar’s increasing credibility, the government reforms, the work that Abu Dhabi government has been doing in raising the profile and also working on our product and on our pricing for the international market”, he said.
A large number of expatriates have been buying homes, boosting demand for property in the emirate. International buyers include Europeans, a small percentage of Asians and Russians.
“Those have been the big two moves last year and we continue to see that into the New Year already. The launch of The Sustainable City is seeing a lot of international interest,” Mr Emery said.
Aldar started selling homes in the first phase of The Sustainable City – Yas Island project this month.
The project is being carried out in partnership with Dubai-based Diamond Developers and was first announced during Abu Dhabi Sustainability Week last year.
The average price of a one-bedroom condominium is Dh892,000, while a three-bedroom townhouse costs Dh3.24 million.
The sales on the project are "going very well", Mr Emery said.
The company will continue to look for new acquisitions to boost its property portfolio.
“We have plans to continue to grow this year as well,” he said. “So we are continuing to deploy capital in opportunities that we see that will enhance our value and fit with our strategy around core assets, where we see the opportunity to increase value.”
Last year, it made a number of acquisitions. Aldar and Abu Dhabi's sovereign wealth fund Mubadala Investment Company partnered to acquire Al Maryah Tower in the UAEs capital, in a deal valued at Dh450 million.
It also agreed to buy four prime commercial towers from Mubadala at The Abu Dhabi Global Market, the international financial centre on the capital's Al Maryah Island, in a $1.17 billion deal.
In Ras Al Khaimah, it announced new deals including the acquisition of the DoubleTree Marjan Island, as well as an adjacent beachfront development plot for Dh810 million.
It also bought the Rixos Bab Al Bahr hotel in Ras Al Khaimah in a Dh770 million deal, as well as Al Hamra Mall for $111.6 million.
In July, Egypt's Sixth of October for Development and Investment Company (Sodic), which is backed by Aldar and Abu Dhabi's ADQ, submitted a non-binding offer to fully acquire Cairo-based developer Madinet Nasr Housing and Development.
The potential acquisition will value Egyptian Exchange-listed developer Madinet Nasr at 6.18 billion Egyptian pounds ($328 million), Aldar said in a statement at the time.
“We continue to look at growth in different markets. Egypt was our primary target last year, which we have successfully executed,” Mr Emery said.
“Dubai remains an aspiration of ours and we look at the other GCC markets as well with Saudi Arabia being clearly a huge opportunity.”
Aldar this month unveiled a comprehensive strategy to decarbonise its business as it aims to become a carbon neutral company by the middle of the century in line with the UAE’s net-zero 2050 initiative.
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
COMPANY%20PROFILE%20
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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
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Fuel consumption: 6.9L/100km
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Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
* JP Morgan Private Bank
The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
