Aldar Properties aims to increase its sales this year to up to Dh31 billion ($8.4 billion) and is exploring the issuance of benchmark green sukuk this year to support its growth and sustainability ambitions, a senior executive said.
Abu Dhabi’s biggest listed developer, which recorded sales of nearly Dh28 billion last year, has benefitted from the boom in the UAE's property market.
The majority of sales this year will come from the UAE market – covering Abu Dhabi, Dubai and Ras Al Khaimah – followed by Egypt and London, chief financial and sustainability officer Faisal Falaknaz told The National in an interview.
“Dubai and Ras Al Khaimah will start playing a bigger component of [total sales in the UAE] because we launched those developments towards the latter end of last year … this year we'll have the full benefit of selling across all those master plans,” he said.
Aldar also plans to release new units for sale in Ras Al Khaimah and launch a new master development in Dubai in the second quarter of this year, Mr Falaknaz said, without providing further details.
The company is developing new projects in Dubai as part of a joint venture with Dubai Holding. The developer launched the first project, named Haven, last year, recording Dh3.1 billion in sales from the first two phases amid strong investor demand.
“The partnership we have with Dubai Holding is around three masterplans. We remain very committed to activating those plans as soon as possible,” Mr Falaknaz said.
“Those masterplans have a gross development value of more than Dh25 billion. Dubai Holding has been very supportive in terms of helping us expedite the activation of those plots … we hope to do a lot more with them.”
The recent merger of Nakheel and Meydan with Dubai Holding to create “national champions” indicates the “strength of Dubai real estate”, and is good for the market, he added.
The UAE has recorded strong real estate activity as the economy has remained robust on the back of the government's diversification measures and policies to support growth.
Dubai registered a record 1.6 million property transactions across all market segments last year, up 13 per cent on the previous year, while the value of deals rose 20 per cent annually to Dh634 million.
Abu Dhabi's property market also continued to maintain its growth trajectory amid higher demand from buyers.
The ValuStrat Price Index, which analyses changes in property values, grew by 4.2 per cent annually for the UAE capital last year.
Abu Dhabi recorded 2,238 off-plan transactions last year, which represented 75.1 per cent of overall sales and an increase of 39.4 per cent from the same period in 2022. Ready home sales volumes rose by 36.5 per cent annually.
Building green
Aldar is aiming to issue more green sukuk this year as part of its sustainability agenda after raising $500 million through its debut green Islamic bond last year.
The company says it is exploring options for further green issuance this year of similar value to its inaugural one.
“Issuing more debt is going to be dependent on our deployment plan in terms of how much we invest,” Mr Falaknaz said.
“We now have a green framework where we will target … more green financing across all our facilities."
The company is also on track to achieve net zero by 2050 thanks to initiatives including the retrofitting of buildings, low-carbon designs as well as using green concrete and green steel in construction, Mr Falaknaz said.
Aldar has spent about Dh150 million on retrofitting existing assets to help lower emissions.
It is installing solar panels across its assets in partnership with Yellow Door and working with suppliers to procure low-carbon materials for buildings. It is also focusing on sustainability as it acquires properties and is building a new waste treatment plant in Abu Dhabi.
“We take sustainability very seriously. As a company, we are growing very fast, but we want to grow in a very disciplined manner, financially disciplined, but also disciplined from a societal and a community and environmental point of view,” Mr Falaknaz said.
“So be it low carbon design, be it green construction, be it energy efficiency, supply chain, we will be pushing more and more in terms of becoming more aggressive to reach the targets that we have set.”
Acquisition plans
Aldar plans to continue buying more assets to grow its portfolio amid new opportunities.
Last year, the company bought UK developer London Square for Dh1.07 billion, marking its first acquisition outside the Mena region amid plans to expand its global footprint.
In September, the Aldar Estates unit of the company acquired FAB Properties, which provides property management services across the UAE.
Earlier this year, it bought seven central logistics hubs and an adjacent land plot in Dubai Investments Park for Dh1 billion.
“We have announced to the market Dh4 to 5 billion of equity that we are planning to deploy into recurring income assets. So we will be announcing those deals as they come. Logistics is a very important segment that we are very keen on continuing to grow,” he said.
Property market outlook
“I think the market remains to be very healthy. We see indicators within our own business. Our school enrolments are up 25 per cent, our commercial assets are fully leased.
“We've just opened up a new commercial office building … with more than 80 per cent pre-leasing, a lot of those tenants are international tenants. We've seen increased footfall, increased sales in our shopping malls.”
The rate of growth in property prices is going to be “steady” this year following steep increases in prices in the last three years, he added.
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
TEST SQUADS
Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.
Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.
Dunki
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Switching%20sides
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Essentials
The flights
Emirates flies direct from Dubai to Seattle from Dh6,755 return in economy and Dh24,775 in business class.
The cruise
UnCruise Adventures offers a variety of small-ship cruises in Alaska and around the world. A 14-day Alaska’s Inside Passage and San Juans Cruise from Seattle to Juneau or reverse costs from $4,695 (Dh17,246), including accommodation, food and most activities. Trips in 2019 start in April and run until September.
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
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick