Aldar Properties has unveiled a residential development on Yas Island, as Abu Dhabi’s biggest listed developer continues to grow its property portfolio amid higher demand from buyers.
Comprising 234 apartments, duplexes and penthouses, Sama Yas will be available to buyers of all nationalities from February 2, Aldar said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Construction will begin in the third quarter of this year, with completion set for the third quarter of 2027, Aldar told The National.
The company said the development, conceptualised by architecture firm Woods Bagot, will have amenities such as shops, a boutique spa and a 24/7 concierge and lounge.
Other features of the 100,000-square-metre residential development include community gardens, cycling and jogging tracks, outdoor working pods, a library, kids play area and co-working spaces.
Kitchen designs are inspired by UAE-based culinary expert Chef Izu.
“The development will aim to achieve the Estidama 3 Pearl rating and will incorporate sustainability measures into its design to reduce energy, water, and waste consumption,” Aldar said.
Abu Dhabi’s Estidama Pearl ratings are related to the development of sustainable buildings in the emirate.
Aldar launched several projects last year, as demand for property continued to rise in the UAE amid government initiatives and overall economic growth propelled by higher oil prices.
Last month, the company sold out 420 units in the first phase of its residential development in Ras Al Khaimah for Dh1 billion ($272 million).
The first phase includes 357 units in the Nikki Beach Residences community, including one to five-bedroom apartments.
Following the success of phase one, Aldar has released an additional 150 units for sale.
Aldar also generated Dh3.1 billion from the sale of 786 villas and townhouses as the first two phases of its Dubai residential project sold out on strong demand from buyers, it said in November.
The company is developing the project in partnership with Dubai Holding.
In September, it sold three buildings within 24 hours in the first phase of its sustainability-focused Gardenia Bay project in Abu Dhabi.
Nearly 23 per cent of sales were completed by non-resident buyers, while foreign residents and Emiratis accounted for 40 per cent and 37 per cent of sales, respectively, Aldar said at the time.
In the first nine months of 2023, the company recorded total development sales of Dh19.4 billion, helping to boost its revenue and profit.
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Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
