Aldar's third-quarter revenue and rental income rose 61.4 per cent annually to Dh5.58 billion. Victor Besa / The National
Aldar's third-quarter revenue and rental income rose 61.4 per cent annually to Dh5.58 billion. Victor Besa / The National
Aldar's third-quarter revenue and rental income rose 61.4 per cent annually to Dh5.58 billion. Victor Besa / The National
Aldar's third-quarter revenue and rental income rose 61.4 per cent annually to Dh5.58 billion. Victor Besa / The National

Aldar’s third-quarter net profit up 37% on revenue boost from property sales


Fareed Rahman
  • English
  • Arabic

Aldar Properties, Abu Dhabi’s biggest listed developer, reported a 37 per cent jump in its third-quarter profit as revenue grew on the back of higher property sales.

Net profit attributable to equity holders of the company for three months to the end of September rose to Dh1 billion ($272 million), the company said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.

Revenue and rental income for the period rose more than 61 per cent annually to Dh5.58 billion. Total property sales during the quarter rose 27 per cent annually to about Dh10 billion, with UAE sales increasing 13 per cent to Dh7.3 billion.

“Aldar’s success has been driven by the UAE’s robust domestic investment climate and its ability to attract international capital and businesses,” said Mohamed Al Mubarak, chairman of Aldar Properties.

“This favourable environment has enabled us to scale rapidly, balancing the expansion of recurring income streams with record development sales, while strategically reinvesting capital into new opportunities and securing partnerships that will drive further scale and value for both Aldar and Abu Dhabi.”

  • The Ansam development on Yas Island. Photo: Aldar
    The Ansam development on Yas Island. Photo: Aldar
  • Lea, located on the northern shores of Yas Island. Photo: Aldar
    Lea, located on the northern shores of Yas Island. Photo: Aldar
  • The Mayan development on Yas Island. Photo: Aldar Properties
    The Mayan development on Yas Island. Photo: Aldar Properties
  • Noya, a residential community on Yas Island. Photo: Aldar Properties
    Noya, a residential community on Yas Island. Photo: Aldar Properties
  • The Water’s Edge project on Yas Island. Photo: Aldar
    The Water’s Edge project on Yas Island. Photo: Aldar
  • The West Yas waterfront on Yas Island. Photo: Aldar Properties
    The West Yas waterfront on Yas Island. Photo: Aldar Properties
  • The Mamsha Al Saadiyat development. Khushnum Bhandari / The National
    The Mamsha Al Saadiyat development. Khushnum Bhandari / The National
  • Saadiyat Reserve. Photo: Aldar
    Saadiyat Reserve. Photo: Aldar
  • The Arc, left, part of the Shams complex on Al Reem Island. Christopher Pike / The National
    The Arc, left, part of the Shams complex on Al Reem Island. Christopher Pike / The National
  • Meera at Shams Abu Dhabi on Reem Island. Photo: Aldar Properties
    Meera at Shams Abu Dhabi on Reem Island. Photo: Aldar Properties
  • The Reflection development on Al Reem Island. Photo: Aldar
    The Reflection development on Al Reem Island. Photo: Aldar
  • Sun and Sky Towers on Al Reem Island. Ravindranath K / The National
    Sun and Sky Towers on Al Reem Island. Ravindranath K / The National
  • The Bridges on Reem Island. Photo: Aldar
    The Bridges on Reem Island. Photo: Aldar
  • The Gate Towers on Reem Island. Delores Johnson / The National
    The Gate Towers on Reem Island. Delores Johnson / The National
  • Al Muneera at Al Raha Beach in Abu Dhabi. Photo: Better Homes
    Al Muneera at Al Raha Beach in Abu Dhabi. Photo: Better Homes
  • Al Zeina apartment blocks at Al Raha Beach. Ravindranath K / The National
    Al Zeina apartment blocks at Al Raha Beach. Ravindranath K / The National
  • Al Hadeel apartment complex at Al Raha Beach.
    Al Hadeel apartment complex at Al Raha Beach.
  • Aldar’s Al Rayyana development. Photo: Aldar
    Aldar’s Al Rayyana development. Photo: Aldar
  • Al Ghadeer residential area in Abu Dhabi. Pawan Singh / The National
    Al Ghadeer residential area in Abu Dhabi. Pawan Singh / The National
  • The Eastern Mangroves. Photo: TDIC
    The Eastern Mangroves. Photo: TDIC
  • A rendering of Nareel Island, one of three new residential projects being developed by Aldar Properties in Abu Dhabi. Photo: Aldar
    A rendering of Nareel Island, one of three new residential projects being developed by Aldar Properties in Abu Dhabi. Photo: Aldar
  • Villas at Sas Al Nakhl in Abu Dhabi. Galen Clarke / The National
    Villas at Sas Al Nakhl in Abu Dhabi. Galen Clarke / The National
  • The World Trade Centre building and Burj Mohammed Bin Rashid tower. Mona Al Marzooqi / The National
    The World Trade Centre building and Burj Mohammed Bin Rashid tower. Mona Al Marzooqi / The National

The company plans to look into launching new projects and is “very much on track” to achieve its sales target for the year amid higher demand from buyers, Aldar's chief financial and sustainability officer said.

“We've done Dh24 billion of sales year to date, compared to around Dh20 billion [during the same period] last year, so it's up around 24 per cent,” Faisal Falaknaz said.

“Our guidance for the year is to cross the Dh30 to Dh32 billion mark, and we are very much on track to deliver on that target. We have a number of launches coming up before the end of the year. So things are looking very positive.”

The launches planned include the Al Fahid Island master plan, an ultra-luxury beachfront mixed-use development in Abu Dhabi and a new master plan in Dubai. Aldar also aims to “replenish our land bank” in Ras Al Khaimah to start new projects.

“One area that we are very keen in terms of introducing is a more mid-market, affordable offering at scale so that we can accommodate the demand of the market with the huge growth in population that we're seeing here,” Mr Falaknaz said.

There has been a growing demand for affordable homes in Dubai as more people settle down for longer in the city and opt to own a home amid rising rents.

Several new developers are launching new projects catering to middle-income earners with a monthly salary of between Dh10,000 and Dh25,000.

Aldar has announced a partnership with Expo City Dubai for a Dh1.75 billion mixed-use six-building development. Photo: Aldar
Aldar has announced a partnership with Expo City Dubai for a Dh1.75 billion mixed-use six-building development. Photo: Aldar

Earlier this month, Aldar announced a partnership with Expo City Dubai for a Dh1.75 billion mixed-use six-building development as part of the new master plan for the area, which hosted the Expo 2020 Dubai and last year's Cop28 climate talks.

As part of the partnership, Aldar and Expo City Dubai have established a joint venture to deliver and own the development, which will include residential, office, and retail spaces with a combined floor area of 103,000 square metres.

Last month, it also unveiled a new partnership with Mubadala Investment Company to establish four joint ventures to own and manage real estate assets worth more than Dh30 billion across Abu Dhabi.

Aldar is also investing Dh1.5 billion to transform its hotel portfolio amid a boom in the UAE’s tourism sector.

“An expanding land bank and newly formed strategic partnerships with Mubadala and Expo City Dubai are creating exciting new avenues for growth, enabling us to expand our presence across key segments and geographies,” Talal Al Dhiyebi, group chief executive of Aldar, said.

“We are extremely confident that we will maintain our current growth trajectory in the coming years.”

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

ZIMBABWE V UAE, ODI SERIES

All matches at the Harare Sports Club:

1st ODI, Wednesday - Zimbabwe won by 7 wickets

2nd ODI, Friday, April 12

3rd ODI, Sunday, April 14

4th ODI, Tuesday, April 16

UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed

The%20Crown%20season%205
%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EImelda%20Staunton%2C%20Jonathan%20Pryce%2C%20Lesley%20Manville%2C%20Jonny%20Lee%20Miller%2C%20Dominic%20West%2C%20Elizabeth%20Debicki%2C%20Salim%20Daw%20and%20Khalid%20Abdalla%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWritten%20by%3A%20%3C%2Fstrong%3EPeter%20Morgan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%20stars%3C%2Fp%3E%0A
UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204-cyl%20turbo%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C600rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C500-4%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.9L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh119%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
The%20specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A
Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Results

5pm: Maiden (PA) Dh80,000 (Turf) 1,200m, Winner: ES Rubban, Antonio Fresu (jockey), Ibrahim Aseel (trainer)

5.30pm: Handicap (PA) Dh85,000 (T) 1,200m, Winner: Al Mobher, Sczcepan Mazur, Ibrahim Al Hadhrami

6pm: Handicap (PA) Dh80,000 (T) 2,200m, Winner: Jabalini, Tadhg O’Shea, Ibrahim Al Hadhrami

6.30pm: Wathba Stallions Cup (PA) Dh70,000 (T) 2,200m, Winner: AF Abahe, Tadgh O’Shea, Ernst Oertel

7pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: AF Makerah, Tadhg O’Shea, Ernst Oertel

7.30pm: Maiden (TB) Dh80,000 (T) 1,600m, Winner: Law Of Peace, Tadhg O’Shea, Satish Seemar

The finalists

Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho

Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson

Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)

Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)

Club of the Year: Bayern Munich, Liverpool, Real Madrid

Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)

Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola

Scorebox

Sharjah Wanderers 20-25 Dubai Tigers (After extra-time)

Wanderers

Tries Gormley, Penalty

Cons Flaherty

Pens Flaherty 2

Tigers

Tries O’Donnell, Gibbons, Kelly

Cons Caldwell 2

Pens Caldwell, Cross

Itcan profile

Founders: Mansour Althani and Abdullah Althani

Based: Business Bay, with offices in Saudi Arabia, Egypt and India

Sector: Technology, digital marketing and e-commerce

Size: 70 employees 

Revenue: On track to make Dh100 million in revenue this year since its 2015 launch

Funding: Self-funded to date

 

Drishyam 2

Directed by: Jeethu Joseph

Starring: Mohanlal, Meena, Ansiba, Murali Gopy

Rating: 4 stars

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

The specs

Price, base / as tested Dh1,100,000 (est)

Engine 5.2-litre V10

Gearbox seven-speed dual clutch

Power 630bhp @ 8,000rpm

Torque 600Nm @ 6,500rpm

Fuel economy, combined 15.7L / 100km (est) 

The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

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.”

How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

The bio

Job: Coder, website designer and chief executive, Trinet solutions

School: Year 8 pupil at Elite English School in Abu Hail, Deira

Role Models: Mark Zuckerberg and Elon Musk

Dream City: San Francisco

Hometown: Dubai

City of birth: Thiruvilla, Kerala

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

 

 

The specs: 2018 BMW R nineT Scrambler

Price, base / as tested Dh57,000

Engine 1,170cc air/oil-cooled flat twin four-stroke engine

Transmission Six-speed gearbox

Power 110hp) @ 7,750rpm

Torque 116Nm @ 6,000rpm

Fuel economy, combined 5.3L / 100km

Updated: October 29, 2024, 9:58 AM