Dubai, UAE — Aldar Properties Wednesday announced record quarterly development sales of AED 4.5 billion ($1.22 billion), driven by increased demand from both international and resident expat buyers.
The company said its development revenue backlog also hit an all-time high of AED 18.8 billion, which “provides visibility over the next two to three years.
The company’s expansion plans include the acquisition of Al Fahid Island. It has also entered the Dubai real estate market through a joint venture with Dubai Holding, which will see the development of three new communities across 3.5 million sqm of land.
Aldar has also partnered with Mubadala to develop commercial assets in Al Maryah Island, tapping into the high demand for prime office spaces in Abu Dhabi’s growing international finance center.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar Properties, said, “Aldar has maintained positive momentum in the first quarter of 2023, reporting a strong set of results against the backdrop of positive economic fundamentals in the UAE.”
“During Q1, we launched a variety of new residential concepts in Abu Dhabi that proved incredibly popular amongst investors locally and overseas. Aldar’s investment platform continued to grow at pace driven by tenant occupancy of 93 percent across assets, strong rental returns, and positive contributions from new acquisitions within the portfolio, particularly the four office towers at ADGM.”