Aldar Properties, Abu Dhabi’s biggest listed developer, is boosting its expansion strategy in Dubai with the unveiling of another residential development that aims to promote active lifestyles.
The Athlon project, the company's second development in the emirate in partnership with Dubai Holding, will feature 1,492 units comprising three to six-bedroom villas and townhouses starting at Dh2.8 million ($762,300), Aldar said on Wednesday.
The two companies teamed up in February 2023, marking Aldar's entry into the Dubai market amid a push to develop new property projects across prime locations.
Their first project was Haven by Aldar, another community focused on wellness launched in October.
Unit sales at the Athlon project will begin on May 7. The development will be located near the Global Village entertainment centre and will be about half an hour from Dubai International and Al Maktoum International airports.
“The unveiling of Athlon marks a definitive moment in our ambitious Dubai expansion strategy, building upon the tremendous success of Haven by Aldar,” Aldar Development chief executive Jonathan Emery said.
“As we witness an unwavering demand for unparalleled residential developments in Dubai, from both local and international investors, we are confident that Athlon's groundbreaking concept will captivate a diverse range of investors and homeowners.”
The UAE’s property market continues to record strong growth on the back of government initiatives and the expansion of its economy.
In Dubai, where the real estate sector is a key component of the economy, the residential and commercial sectors posted “significant” growth in the first quarter of 2024, according to consultancy ValuStrat.
The growth was underpinned by a 20.1 per cent annual increase in apartment values, driven by the mid-range affordable segment.
Villas remained resilient with an annual increase of 29.6 per cent, it said.
For 2024, the emirate's real estate cycle is expected to head towards a “new phase”, with a projected resurgence in the apartment market and tempered growth for villas, ValuStrat said in its outlook for this year.
With the steady growth, “Dubai continues to attract investors and businesses, positioning itself as a premier destination for real estate investment in the region”, Haider Tuaima, director and head of real estate research at ValuStrat, wrote in the first-quarter report.
Athlon will have green spaces, parks and zones for sports and fitness. It will feature more than 10km of tracks and trails, with its cycling loop directly connected to Al Qudra cycling track.
The project will be developed using locally sourced and low-carbon materials, in line with Aldar’s sustainability and net-zero programme, it said.
“This approach will be supported by … the adoption of responsible and green construction practices,” Aldar said.
Aldar, which marked its 20th anniversary this year, reported a more than 81 per cent annual jump in its first-quarter net profit on higher sales, as the UAE's property market remained robust amid the nation's continued economic momentum.
In March, the company sold Abu Dhabi's most expensive apartment – at Nobu Residences Abu Dhabi on Saadiyat Island – for Dh137 million amid higher demand for luxury property in the UAE capital.
Aldar, the developer behind Ferrari World and Yas Mall, has also made several acquisitions in recent quarters as it looks to grow its portfolio of investments organically and inorganically.
In 2023, the company bought UK developer London Square for Dh1.07 billion, marking its first acquisition outside the Mena region amid a push to expand its global footprint.
Aldar also aims to increase its sales this year to up to Dh31 billion and is exploring the issuance of benchmark green sukuk this year to support its growth and sustainability ambitions, its chief financial and sustainability officer Faisal Falaknaz told The National in an interview in March.
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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.”
Key recommendations
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