Aldar Properties, Abu Dhabi’s biggest listed developer, reported a 7.6 per cent jump in second-quarter profit, thanks to higher revenue and rental income as the UAE’s property market continues to recover from the coronavirus pandemic.
Net profit attributable to owners of the company for the three-month period to the end of June climbed to Dh520 million ($142m), Aldar said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded. Revenue and rental income for the period rose more than 9 per cent annually to about Dh2.2 billion.
The company said it recorded Dh2.35bn in quarterly sales, its highest ever.
“This growth has been underpinned by strong appetite for prime Abu Dhabi properties among diverse end users and investors, as well as further strengthening of investment-friendly policies,” Talal Al Dhiyebi, group chief executive of Aldar Properties said.
“Aldar’s diversified businesses have achieved significant uplift in activity over the past 12 months.
“Development launches have ramped up, third-party management fees have climbed as projects gathered pace, and our education and property management businesses have built considerable scale.”
Net profit for the first six months of the year climbed nearly 36 per cent to Dh1bn, compared to the same period a year earlier. Revenue and rental income during the period rose 12.5 per cent to Dh4.23bn.
“Aldar expects to sustain the accelerated pace of activity and take advantage of attractive investment opportunities presented by this market cycle. We will continue to launch new developments in premier locations and pursue further asset growth and diversification of our investment property portfolio,” Mr Al Dhiyebi said.
Property markets in Abu Dhabi and Dubai, in common with other global property investment centres, have rebounded strongly, as pent-up demand along with central bank monetary support and government stimulus measures boosted economic activity.
Capital values in Abu Dhabi's residential investment zones rose by 2.1 per cent during the second quarter, compared with the previous three-month period, according a survey by real estate consultancy ValuStrat. They were 3.9 per cent higher year-on-year from the Covid-19 challenges of 2020, it said.
Aldar Investment said its revenue increased on the back of “steady occupancy across Aldar’s diversified portfolio of investment properties and higher contributions from Provis and Aldar Education”.
Aldar is also leading a consortium of investors that submitted a non-binding offer to acquire a majority stake in Egypt’s Sixth of October Development and Investment Company.
The five pillars of Islam
Mohammed bin Zayed Majlis
The five pillars of Islam
Killing of Qassem Suleimani
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
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Call the hotline on 0502955999 or send "thenational" to the following numbers:
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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