Aldar acquires UK property developer London Square for $291m

Aldar Properties, Abu Dhabi’s biggest listed developer, has acquired UK developer London Square for Dh1.07 billion ($291 million), marking its first acquisition outside the Mena region as the company expands its geographical footprint.

The move is aimed at accelerating growth, diversifying revenue streams and driving cross-selling opportunities, the company said in a statement on Friday to the Abu Dhabi Securities Exchange, where its shares are traded.

The deal will also provide Aldar with a "meaningful foothold" in the London property market.

“Our recently announced international expansion strategy centres on exploring opportunities to acquire or partner with established operating platforms in our target markets," said Talal Al Dhiyebi, group chief executive of Aldar Properties.

"The [acquisition of London Square], which is synergistic in nature, gives us the ability to leverage our mutual strengths, shared values and common approach to home building to scale London Square," he said.

Aldar, which is at the heart of Abu Dhabi’s efforts to develop its property sector, has been expanding its portfolio rapidly to boost growth.

The company reported record development sales of Dh7.8 billion in the third quarter of this year, with nine-month sales at their highest level of Dh19.4 billion and 11 new projects launched so far this year.

Aldar, which posted a 43 per cent annual increase in third-quarter profit to Dh794 million, also said at the time that it was to adopt a new strategy to enter into select international markets, with a particular focus on Europe.

Having expanded to regional markets including Dubai, Ras Al Khaimah and Egypt, the developer said it would aim to enter high-growth real estate sectors in mature markets.

The UK – and London, in particular – "remains a global hub and a strong real estate market, presenting an attractive entry point for Aldar", it said in the statement on Friday.

"There is significant value on offer with the market characterised by a structural undersupply of new homes, enabling Aldar to execute its long-term investment strategy for sustained value creation," it said.

House prices in the UK rose by 0.9 per cent in October compared with the previous month, mainly due to a drop in the supply of properties coming on to the market, the Nationwide Building Society said last month.

London Square, founded in 2010, has created a development pipeline worth more than £2 billion ($2.5 billion). It has completed more than 3,500 homes and has a pipeline of 930 homes under construction, valued at £425 million.

The developer, which works on regenerating former industrial sites, is behind projects including the London Square Nine Elms development that has more than 750 luxury homes, affordable housing, rental apartments and 21,500 square feet of commercial and retail space.

London Square also operates different segments across its business, including a sales division, a commercial arm, a build-to-rent division and an affordable housing unit.

The acquisition will enable London Square to "extend its presence across Greater London and the south-east", said Adam Lawrence, its founder and chief executive.

"We look forward to playing a leading role in tackling the housing shortage by providing more much-needed homes in the capital and surrounding areas where there is a continuing lack of supply," he said.

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if you go

The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.

The trip

Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

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What sanctions would be reimposed?

Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:

An arms embargo
A ban on uranium enrichment and reprocessing
A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
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How much do leading UAE’s UK curriculum schools charge for Year 6?

Nord Anglia International School (Dubai) – Dh85,032
Kings School Al Barsha (Dubai) – Dh71,905
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Jumeirah English Speaking School (Dubai) – Dh59,728
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Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

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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

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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

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Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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