Aldar Properties, the biggest developer in Abu Dhabi by market value, has set up a logistics business line after acquiring a 70 per cent stake in Abu Dhabi Business Hub, which owns a warehousing, industrial and office complex in the emirate.
The acquisition was completed by its subsidiary Aldar Investment and values Abu Dhabi Business Hub at more than Dh500 million ($136m), Aldar said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded. It did not disclose the total value of the deal.
Aldar Logistics, the company’s new unit, will focus primarily on the UAE, with the potential to expand into Saudi Arabia and Egypt.
“We see strong potential for expansion in warehousing and logistics real estate in the region, a segment which has robust fundamentals driven by infrastructure development and growth of the digital economy,” said Jassem Busaibe, chief executive of Aldar Investment.
“The addition of logistics assets is immediately yield-accretive to our diversified real estate portfolio and further enhances its risk profile.”
The new transaction comes as demand for warehousing units continues to increase due to the e-commerce boom that was fuelled by the pandemic.
The UAE's e-commerce market is forecast to increase by 60 per cent from 2021 to more than $8 billion in 2025, according to a report by EZDubai, an e-commerce zone in Dubai South, and Euromonitor International.
The country is also ranked among the top three logistics centres in emerging markets, after China and India, in the latest Agility Emerging Markets Logistics Index, that rates countries for overall competitiveness based on their logistics strengths, business climates and digital readiness.
The UAE, the Arab world’s second-largest economy, is investing heavily in developing infrastructure and building the transport network to drive the growth of the logistics sector.
New projects include Dh50bn of investment in a railway network for transporting goods and passengers across the UAE, which builds on the first phase of Etihad Rail. Abu Dhabi is also investing significantly in ports and integrated industrial zones, including Kizad and the Industrial City of Abu Dhabi (Icad).
Abu Dhabi Business Hub's complex in Icad has a total net lettable area of 166,000 square metres and comprises three office buildings, 132,000 square metres of warehouses and undeveloped industrial land plots for future expansion.
The existing logistics units owned by Abu Dhabi Business Hub are over 90 per cent occupied, with long-term anchor tenants including supermarket and online grocery company Spinneys, industrial zone operator ZonesCorp and Abu Dhabi’s media free zone operator, Twofour54, according to Aldar.
“Following the completion of the Abu Dhabi Business Hub transaction, Aldar Investment intends to assess further acquisition opportunities through the newly set up logistics vertical as it seeks to increase its allocation across the sector,” the developer said.
Aldar is continuing to boost its portfolio through new acquisitions. It bought two properties in Ras Al Khaimah this year — Rixos Bab Al Bahr hotel for Dh770m and Al Hamra Mall for $111.6m.
The Abu Dhabi-based company is also increasing investments outside the country. Last year, a consortium of Aldar and one of the region’s biggest holding companies, ADQ, acquired a majority stake in Egypt’s Sixth of October for Development and Investment Company for 6.1bn Egyptian pounds ($386.8m).
Aldar adopted a new group operating model and organised its business into two segments. Aldar Investment is responsible for managing its Dh22bn portfolio of recurring income assets, including its hospitality portfolio, while Aldar Development is responsible for building the company's 75 million-square metre land bank.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
Fighter profiles
Gabrieli Pessanha (Brazil)
Reigning Abu Dhabi World Pro champion in the 95kg division, virtually unbeatable in her weight class. Known for her pressure game but also dangerous with her back on the mat.
Nathiely de Jesus, 23, (Brazil)
Two-time World Pro champion renowned for her aggressive game. She is tall and most feared by her opponents for both her triangles and arm-bar attacks.
Thamara Ferreira, 24, (Brazil)
Since her brown belt days, Ferreira has been dominating the 70kg, in both the World Pro and the Grand Slams. With a very aggressive game.
Samantha Cook, 32, (Britain)
One of the biggest talents coming out of Europe in recent times. She is known for a highly technical game and bringing her A game to the table as always.
Kendall Reusing, 22, (USA)
Another young gun ready to explode in the big leagues. The Californian resident is a powerhouse in the -95kg division. Her duels with Pessanha have been highlights in the Grand Slams.
Martina Gramenius, 32, (Sweden)
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Lexus LX700h specs
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Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
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- An elevated football field that doubles as a helipad
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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
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SERIES INFO
Cricket World Cup League Two
Nepal, Oman, United States tri-series
Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
Table
The top three sides advance to the 2022 World Cup Qualifier.
The bottom four sides are relegated to the 2022 World Cup playoff
1 United States 8 6 2 0 0 12 0.412
2 Scotland 8 4 3 0 1 9 0.139
3 Namibia 7 4 3 0 0 8 0.008
4 Oman 6 4 2 0 0 8 -0.139
5 UAE 7 3 3 0 1 7 -0.004
6 Nepal 0 0 0 0 0 0 0
7 PNG 8 0 8 0 0 0 -0.458
