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.
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Women's Prize for Fiction shortlist
The Silence of the Girls by Pat Barker
My Sister, the Serial Killer by Oyinkan Braithwaite
Milkman by Anna Burns
Ordinary People by Diana Evans
An American Marriage by Tayari Jones
Circe by Madeline Miller
Our legal consultants
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Results
5pm: Maiden (PA) Dh 80,000 (Turf) 1,400m. Winner: Al Ajeeb W’Rsan, Pat Dobbs (jockey), Jaci Wickham (trainer).
5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m racing. Winner: Mujeeb, Fabrice Veron, Eric Lemartinel.
6pm: Handicap (PA) Dh 90,000 (T) 2,200m. Winner: Onward, Connor Beasley, Abdallah Al Hammadi.
6.30pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown Prep Rated Conditions (PA) Dh 125,000 (T) 2,200m. Winner: Somoud, Richard Mullen, Jean de Roualle.
7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 (T) 1,600m. Winner: AF Arrab, Tadhg O’Shea, Ernst Oertel.
7.30pm: Handicap (TB) Dh 90,000 (T) 1,400m. Winner: Irish Freedom, Richard Mullen, Satish Seemar.
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The biog
Name: Samar Frost
Born: Abu Dhabi
Hobbies: Singing, music and socialising with friends
Favourite singer: Adele
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
