Alpha Dhabi Holding bought a 12.21 per cent stake in Aldar Properties from Mubadala Investment Company for Dh3.5 billion ($953 million).
The company made the acquisition through its subsidiary, Sublime Commercial Investment, Mubadala said on Wednesday.
Alpha Dhabi Holding is an Abu Dhabi investment company with a diversified portfolio of listed and unlisted equities in local and regional markets.
Mubadala will retain a 25 per cent stake to remain Aldar’s largest shareholder and a long-term, strategic investor.
It said it supports Aldar’s growth as a "national real estate champion" with the highest market value in the property sector, in addition to its role as a key driver of the emirate's economic diversification.
The transaction, which involved the transfer of 960 million shares in a block trade, “is one of the largest private share purchases in a UAE-listed company and was carried out by International Securities and ADCB Securities”, Mubadala said.
Aldar's shares were purchased at Dh3.67 per share, which was the price they closed at last Thursday.
The share price has more than doubled over the past 12 months and is up 19 per cent since the year began.
Aldar Properties, the UAE’s biggest listed developer, currently has a market capitalisation of Dh29.2bn.
Its fourth-quarter net profit rose by 28 per cent to Dh729m while revenue grew by 19 per cent to Dh2.53bn. However, full-year profit fell by 2 per cent to Dh1.93bn as direct costs, provisions, impairments and write-downs increased.
“Institutional investor interest in Aldar reflects confidence in the Abu Dhabi real estate sector and Aldar’s central role in implementing the emirate’s economic diversification strategy,” said Mubadala.
Aldar also revamped its business model earlier this year and now has a group operating structure managing its core development and investment businesses.
Aldar Development is responsible for building out the company’s 7,500-hectare land bank and oversees Aldar Projects, Aldar Ventures and Aldar Egypt subsidiaries.
Aldar Investment is responsible for managing its Dh16bn portfolio of recurring income assets, including its retail, residential and commercial assets under a subsidiary known as Aldar Estates. It also manages the company’s education and hospitality businesses.
The Abu Dhabi developer has completed a number of transactions, including an agreement with state-owned ADQ to manage projects worth more than Dh30bn in the capital.
It also sold the Abu Dhabi Golf Club Complex and the Westin Hotel to an unnamed buyer for Dh180m, as well as two district cooling units to Tabreed for a total value of Dh963m.
The company also aims to expand in Egypt, the Arab world's most populous country and is looking to buy a stake in Sixth of October for Development and Investment Company, it said earlier this month.
Mubadala, which manages more than $232bn in assets, invests on behalf of the Abu Dhabi government across a range of sectors. Its international investments include stakes in Softbank’s Vision Fund, Reliance Retail Ventures, Austria’s oil and gas entity OMV and petrochemicals companies Borealis and Nova Chemicals.
The company signed a new deal to buy a stake in German ophthalmic lens manufacturer Rodenstock Group, further expanding its life sciences and health care investment portfolio.
It also plans to invest £800m ($1.1bn) in the UK's life sciences sector over the next five years.
Mubadala bought a refinery and logistics assets from Brazil's state oil company Petrobras for $1.65 billion this month, continuing to invest in traditional sectors such as energy.
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
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Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
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450,000
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73
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