Alpha Dhabi Holding, a subsidiary of Abu Dhabi-listed conglomerate International Holding Company, has bought an additional 17 per cent stake in Aldar Properties as it continues to expand its property investment portfolio.
The acquisition brings Alpha Dhabi’s overall stake in Abu Dhabi’s biggest developer to 29.8 per cent, it said in a statement on Monday to Abu Dhabi Securities Exchange, where its shares are traded.
Alpha Dhabi Holding completed the deal through the acquisition of Sublime 2, Sogno 2 and Sogno 3, which together controlled 17 per cent of Aldar, making it one of the biggest shareholders in the company. It did not disclose the purchase prices.
Aldar's shares ended the trading day at Dh3.99 on December 30 after having climbed 0.75 per cent to Dh4.02 at 11am.
"Aldar’s rapid growth, strategic expansion plan and project pipeline represent the right investment for ADH and our shareholders,” said Hamad Al Ameri, managing director and chief executive of Alpha Dhabi.
“Aldar's many projects vary between local, regional and international markets and align with our vision for ADH to explore new markets.”
In April, Alpha Dhabi bought a 12.8 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 at the time.
Mubadala remain a long-term strategic investor with a 25 per cent stake. The transaction was carried out through the transfer of about 1 billion shares in a block trade, which was one of the largest private share purchases in a UAE-listed company.
The move to boost its stake in Aldar is in line with Alpha Dhabi's expansion plan and future strategy. The company seeks to invest Dh8bn in property, hospitality, health care and petrochemicals and other promising sectors within and outside the UAE.
“The real estate sector has been witnessing an outstanding recovery during 2021; demand for residential, commercial, hospitality and logistics units continues to grow as a result of the resilience and agility of the country’s post-pandemic strategy,” Mr Al Ameri said on Monday.
The UAE property market, which softened due to a three-year oil price slump that began in 2014 over supply concerns and the Covid-19 pandemic, has made a strong recovery as people upgrade to larger homes with outdoor amenities amid a surge in remote working and online learning.
Economic support measures and government initiatives – such as residency permits for those who have retired and remote workers, in addition to the expansion of the 10-year golden visa programme – have also helped to improve sentiment.
Aldar is a master developer of integrated communities in areas including Yas Island, Saadiyat Island, Al Raha, and Reem Island.
The company last year overhauled its business model and now has a group operating structure managing its core development and investment businesses. Its fourth-quarter net profit rose 28 per cent to Dh729m while revenue grew 19 per cent to Dh2.53bn.
The real estate sector has been witnessing an outstanding recovery during 2021; demand for residential, commercial, hospitality and logistics units continues to grow as a result of the resilience and agility of the country’s post-pandemic strategy
Hamad Al Ameri,
managing director and chief executive , Alpha Dhabi
The Abu Dhabi property developer is also expanding regionally. Last month, Abu Dhabi holding company ADQ and Aldar said it was acquiring 85.52 per cent of Egyptian developer Sixth of October Development and Investment Company for 6.1 billion Egyptian pounds ($386.8m) after a successful mandatory tender offer.
The Abu Dhabi-based consortium, of which Aldar controls 70 per cent and ADQ 30 per cent, plans to strengthen Sodic’s position as a leading national developer and growing its portfolio of mixed-use residential communities in Greater Cairo, the North Coast and other major markets.
Alpha Dhabi, which has a market value of Dh273bn and was previously known as Trojan Holding, has grown into a regional conglomerate with interests in construction, health care, hospitality and industry after completing a series of acquisitions in 2021.
It fully acquired Murban, a company with investments in the hospitality, facility management services and oil and gas services sectors. It also bought a 70 per cent stake in Mawarid Holding Investment, which is engaged in Sharia-compliant financing and investing activities through Aafaq Islamic Finance.
Its latest acquisition of Sublime 2, Sogno 2 and Sogno 3 also gives it an additional 3.38 per cent share in National Marine Dredging Company on top of its 65.11 per cent stake. The deal also gives it 25.24 per cent stake in Al Qudra Holding, it said in a separate bourse filing.
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SPECS
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The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
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South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.
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Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
UAE currency: the story behind the money in your pockets
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
UAE v IRELAND
All matches start at 10am, and will be played in Abu Dhabi
1st ODI, Friday, January 8
2nd ODI, Sunday, January 10
3rd ODI, Tuesday, January 12
4th ODI, Thursday, January 14
UAE currency: the story behind the money in your pockets
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Specs
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
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Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
The specs
Engine: 2.0-litre 4-cyl turbo
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Match info
Manchester United 1 (Van de Beek 80') Crystal Palace 3 (Townsend 7', Zaha pen 74' & 85')
Man of the match Wilfried Zaha (Crystal Palace)
