Aldar Properties, Abu Dhabi’s biggest listed developer, reported a 43 per cent annual increase in third-quarter profit as revenue climbed on the back of record development sales and strong performance across recurring income portfolio.
Net profit attributable to equity-holders of the company for the three months to the end of September rose to Dh794 million ($216 million), Aldar said in a filing on Monday to the Abu Dhabi Securities Exchange, where its shares trade.
Revenue and rental income for the period increased by 27 per cent, year on year, to Dh3.5 billion.
Record development sales of Dh7.8 billion in the third quarter brought nine-month sales to their highest level of Dh19.4 billion, with 11 new projects launched so far this year.
Aldar will continue to explore opportunities for further “disciplined capital deployment” in its home market and abroad, it said.
“The increasing interest from international buyers in our developments not only highlights the global appeal of Aldar’s offering but also reaffirms Abu Dhabi’s position as a preferred destination for business, leisure and long-term residency,” said Aldar's group chief executive Talal Al Dhiyebi.
“Our investment properties, particularly our thriving commercial portfolio, consistently exhibit solid operational performance and we are really seeing the positive impact of recent acquisitions across the office, retail and hospitality sectors.”
Aldar is at the heart of Abu Dhabi’s efforts to develop its property sector. The developer continues to expand its portfolio, announcing a number of new deals this year.
A unit of Aldar Properties in September said it acquired FAB Properties, which provides property management services, as the ADX-listed developer continues to expand its portfolio in the country.
In July, Aldar unveiled a $2.18 billion Yas Island project called Balghaiylam in partnership with the Abu Dhabi Housing Authority to boost the stock of integrated and sustainable residential communities in the capital.
Aldar is also looking to develop new commercial assets on Al Maryah Island in Abu Dhabi and expand its property portfolio further.
The company's first residential development in Dubai – Haven by Aldar – is set for the public launch due to start on October 31.
The UAE’s residential market continued its robust growth in the third quarter of 2023, with transaction volumes and prices rising in Abu Dhabi on the back of higher demand from buyers, according to consultancy CBRE.
The total volume of residential transactions in Abu Dhabi rose by 84.3 per cent annually to 2,930 in the three months to the end of September, driven by a 101.6 per cent growth in off-plan sales and a 46 per cent increase in secondary or ready home sales, CBRE said in an October report.
Average apartment prices in Abu Dhabi were up 0.9 per cent on an annual basis while average villa prices dropped marginally by 0.1 per cent during the three-month period, the report said.
New growth strategy
"Our home market, Abu Dhabi, is bolstered by a robust economy, and a regulatory environment that is conducive to business and investment," Mohamed Al Mubarak, chairman of Aldar Properties, said in the statement on Monday.
"This positive backdrop has allowed Aldar to undertake a journey of transformational growth, including entry into regional markets such as Egypt, Ras Al Khaimah and Dubai."
To further its growth, Aldar has a new strategy to enter into select international markets, with a particular focus on Europe, the chairman said.
The move "will allow us to build scale, diversify, and deliver sustainable growth. We aim to target investments that are core to our current operations and across high-growth real estate sectors in mature markets that are characterised by strong fundamentals, demographic shifts, digitised economies, and evolving consumer preferences", Mr Al Mubarak said.
“We see this as an opportune moment to tap emerging trends and also to leverage new relationships to bring investment and innovation back to our core market, the UAE.”
McIlroy's struggles in 2016/17
European Tour: 6 events, 16 rounds, 5 cuts, 0 wins, 3 top-10s, 4 top-25s, 72,5567 points, ranked 16th
PGA Tour: 8 events, 26 rounds, 6 cuts, 0 wins, 4 top-10s, 5 top-25s, 526 points, ranked 71st
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
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
Volunteers offer workers a lifeline
Community volunteers have swung into action delivering food packages and toiletries to the men.
When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.
Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.
Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.
“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.
Workers spoke of their helplessness, seeing children’s marriages cancelled because of lack of money going home. Others told of their misery of being unable to return home when a parent died.
“More than daily food, they are worried about not sending money home for their family,” said Kusum Dutta, a volunteer who works with the Indian consulate.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
COPA DEL REY
Semi-final, first leg
Barcelona 1 (Malcom 57')
Real Madrid (Vazquez 6')
Second leg, February 27
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Coming 2 America
Directed by: Craig Brewer
Starring: Eddie Murphy, Arsenio Hall, Jermaine Fowler, Leslie Jones
3/5 stars
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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
Killing of Qassem Suleimani
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
DIVINE%20INTERVENTOIN
%3Cp%3EStarring%3A%20Elia%20Suleiman%2C%20Manal%20Khader%2C%20Amer%20Daher%3C%2Fp%3E%0A%3Cp%3EDirector%3A%20Elia%20Suleiman%3C%2Fp%3E%0A%3Cp%3ERating%3A%204.5%2F5%3C%2Fp%3E%0A
BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Borussia Dortmund v Paderborn (11.30pm)
Saturday
Bayer Leverkusen v SC Freiburg (6.30pm)
Werder Bremen v Schalke (6.30pm)
Union Berlin v Borussia Monchengladbach (6.30pm)
Eintracht Frankfurt v Wolfsburg (6.30pm)
Fortuna Dusseldof v Bayern Munich (6.30pm)
RB Leipzig v Cologne (9.30pm)
Sunday
Augsburg v Hertha Berlin (6.30pm)
Hoffenheim v Mainz (9pm)
