Aldar Properties announces new projects worth AED 5 billion to boost recurring income

Abu Dhabi, UAE: Aldar Properties, the leading real estate developer, manager, and investor in Abu Dhabi, has announced a development pipeline of new projects worth AED 5 billion, aimed at increasing its recurring income by 2025.

The new projects include residential, retail, hospitality, and education assets across Abu Dhabi’s prime locations, such as Yas Island, Saadiyat Island, Al Raha Beach, and Al Falah.

According to Aldar, the new projects will add over 1,500 residential units, 170,000 square meters of gross leasable area, and 1,400 hotel keys to its portfolio, as well as two schools and a golf course.

Aldar’s CEO, Talal Al Dhiyebi, said: “These new projects demonstrate our commitment to delivering high-quality and well-located properties that meet the needs and aspirations of our customers and the wider community. They also support our strategy to grow our recurring income and create long-term value for our shareholders.”

Aldar’s Chairman, Mohamed Khalifa Al Mubarak, added: “As Abu Dhabi’s leading real estate partner, we are proud to play a key role in the development of the emirate’s economy and society. These new projects reflect our confidence in Abu Dhabi’s growth potential and our alignment with the government’s vision to enhance the attractiveness and competitiveness of the emirate.”

Aldar’s new projects are expected to generate over AED 1.2 billion in annual recurring income once completed and fully leased. They will also create over 12,000 jobs during the construction phase and over 1,800 permanent jobs upon completion.

Aldar’s announcement comes after a strong performance in 2023, when it reported a 17% increase in revenue to AED 8.4 billion and a 21% increase in net profit to AED 2.1 billion. Aldar also increased its dividend by 7% to AED 0.16 per share.

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