Aldar Properties expects to invest Dh1.9 billion in developing four new projects on Reem Island and Yas Island in Abu Dhabi as part of the company's plans to boost its recurring revenue.
Abu Dhabi’s largest listed property developer said on Monday in a statement it plans to build a four-star hotel and a retail park on Yas Island as well as 600 mid-market homes in its Shams neighbourhood and a four-star hotel on Reem Island.
“The investments we are making meet our twin objectives of providing the market with the right products at the right time, while increasing our ability to grow long-term recurring revenues,” said Mohamed Al Mubarak, Aldar’s chief executive.
“We believe that the underlying fundamentals of Abu Dhabi’s economy provide a strong and supportive investment climate, thereby providing us with a solid platform for continued growth.”
Aldar will build a four-star, 279-room Yas Mall hotel, which will be attached to the shopping centre and will include 70 serviced apartments.
The developer will construct a 27,000-square-metre car-themed retail park on Yas Island next to Ikea and Ace Hardware big box stores. It will contain new car dealerships as well as food and beverage outlets.
The company confirmed that it plans to build its Shams Marina project, which will be made up of 329 apartments, 192 serviced apartments and a 262-room four-star hotel on Reem Island.
Aldar said that all of the projects are scheduled to start construction this year and complete during 2019 and 2020.
The investments form the second half of Aldar’s Dh3bn investment programme, which the developer announced in January 2016. Aldar said it would spend Dh1.1bn on building a new Al Mamoura school in Abu Dhabi, a 33,000-sq-metre extension to its Al Jimi Mall in Al Ain and the purchase of the 23,000-sq-metre Daman House office block in Capital Centre Abu Dhabi.
Last month, Aldar said that it would focus on building mid-market housing at its Reem Island and Yas Island communities. The developer is building 408 one, two and three-bedroom flats at its Meera Shams project in Shams Abu Dhabi, which it says are aimed at residents with a salary of between Dh20,000 and Dh30,000 a month.
Last month, Aldar forecast that it would make about Dh3bn worth of sales this year, down from Dh3.5bn last year, as it switched towards building lower-value properties.
Aldar’s net profit for the final three months of last year dipped by 1 per cent to Dh728 million from Dh735m a year earlier as the company reported a “softer operating market”.
The company made provisions and impairments of Dh100m during the fourth quarter of 2016 because of falls in the market value of its recurring revenue portfolio.
Aldar’s rental portfolio includes its 235,000 sq metres Yas Mall, nine hotels, nearly 5,000 homes and more than 200,000 sq metres of offices spread across Abu Dhabi.
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Founder: Hani Abu Ghazaleh
Based: Abu Dhabi, with an office in Montreal
Founded: 2018
Sector: Virtual Reality
Investment raised: $1.2 million, and nearing close of $5 million new funding round
Number of employees: 12
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.
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Company name: Nomad Homes
Started: 2020
Founders: Helen Chen, Damien Drap, and Dan Piehler
Based: UAE and Europe
Industry: PropTech
Funds raised so far: $44m
Investors: Acrew Capital, 01 Advisors, HighSage Ventures, Abstract Ventures, Partech, Precursor Ventures, Potluck Ventures, Knollwood and several undisclosed hedge funds
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One in four Americans don't plan to retire
Nearly a quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals' retirement plans and the realities of ageing in the workforce.
Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they'd like.
According to the poll from The Associated Press-NORC Centre for Public Affairs Research, 23 per cent of workers, including nearly two in 10 of those over 50, don't expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.
According to government data, about one in five people 65 and older was working or actively looking for a job in June. The study surveyed 1,423 adults in February this year.
For many, money has a lot to do with the decision to keep working.
"The average retirement age that we see in the data has gone up a little bit, but it hasn't gone up that much," says Anqi Chen, assistant director of savings research at the Centre for Retirement Research at Boston College. "So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement."
When asked how financially comfortable they feel about retirement, 14 per cent of Americans under the age of 50 and 29 per cent over 50 say they feel extremely or very prepared, according to the poll. About another four in 10 older adults say they do feel somewhat prepared, while just about one-third feel unprepared.
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She searched for work in the immediate aftermath of her layoff, a process she describes as akin to "banging my head against a wall." Finding Manhattan too expensive without a steady stream of income, she eventually moved to Portland, Maine. A few years later, she moved again, to Lake Oswego, Oregon. "Sometimes I fantasise that if I win the lottery, I'd go back to New York," says Ms Bennett.
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Company name: Hakbah
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All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
Common symptoms of MS
- Fatigue
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Uefa Champions League last-16, second leg:
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Company name: Revibe
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How to vote in the UAE
1) Download your ballot https://www.fvap.gov/
2) Take it to the US Embassy
3) Deadline is October 15
4) The embassy will ensure all ballots reach the US in time for the November 3 poll
