Aldar Properties, Abu Dhabi’s biggest listed developer, is investing Dh1 billion ($272 million) to expand its logistics business in the UAE as demand for warehouses continues to rise in the Emirates amid the diversification of its economy.
As part of the investment, Aldar has bought seven central logistics hubs and an adjacent land plot in Dubai Investments Park marking its first such acquisition in the emirate, the company said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Aldar bought the property from Seven Seas Steel Industries.
The company will also build 233,000 square metres of new Grade A logistics units across the UAE, including 200,000 square metres of gross leasable area (GLA) of single tenant units and logistics parks in Dubai. It will also complete a 33,000-square-metre expansion of its current logistics asset, ADBH in Abu Dhabi, fully leased to Etihad, Mubadala and Twofour54.
The expansion will take Aldar’s total logistics GLA in the UAE to more than 400,000 square metres.
“We are experiencing particularly strong demand for high-grade facilities in the UAE, driven by robust intraregional trade, high-quality infrastructure and an expanding digital economy,” Talal Al Dhiyebi, group chief executive of Aldar Properties, said.
“Aldar is well positioned to capitalise on this growth.”
The demand for warehouses in Dubai and Abu Dhabi continues to rise as the UAE focuses on diversifying its economy away from oil amid new trade agreements around the world.
Dubai recorded 9.9 million square feet of new warehouse requirements in the first nine months of last year amid an influx of new investments, a report from Knight Frank found.
The logistics sector dominated demand, accounting for 44 per cent of new requirements, followed by manufacturing and industry, and the technology sectors.
“Demand is outstripping supply and occupiers are faced with the prospect of leasing more secondary stock [in Dubai], while others are gravitating towards locations in Abu Dhabi, which is benefiting from spillover demand,” the report said.
The shortage of warehouses, combined with Dubai's D33 agenda, which aims to position it among the world's top cities by economic strength by 2033, is expected to push rents higher, according to the report.
“The growth of the UAE’s logistics sector is supported by substantial investment into transportation and infrastructure, to support diversification of the economy,” Aldar said.
“Tenants are in a wide range of sectors, primarily focusing on third-party logistics, e-commerce and retail.”
Aldar, which reported a 43 per cent annual increase in third-quarter profit on higher revenue, is buying new property to expand its portfolio.
Last month, the company bought UK developer London Square for Dh1.07 billion, marking its first acquisition outside the Mena region as the developer expands its global footprint.
In September, Aldar Estates, a unit of the company, also acquired FAB Properties, which provides property management services across the UAE.
Under the deal, Aldar Estates will integrate a property management portfolio of 22,000 residential units across 600 properties into its platform in the UAE.
Aldar is also teaming up with Dubai Holding as it seeks to develop new real estate projects across prime locations in Dubai.
F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
8. Esteban Ocon, Force India 56
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.
Hamilton’s 2017
Australia - 2nd; China - 1st; Bahrain - 2nd; Russia - 4th; Spain - 1st; Monaco - 7th; Canada - 1st; Azerbaijan - 5th; Austria - 4th; Britain - 1st; Hungary - 4th; Belgium - 1st; Italy - 1st; Singapore - 1st; Malaysia - 2nd; Japan - 1st; United States - 1st; Mexico - 9th
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Jonathan Miller, Scribe Publications
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)
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
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Ant-Man and the Wasp
Director: Peyton Reed
Starring: Paul Rudd, Evangeline Lilly, Michael Douglas
Three stars
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- Deliveroo will team up with Pineapple Express to offer customers near JLT a special treat: free banana caramel dessert with all orders on January 26
- Jones the Grocer will have their limited edition Australia Day menu available until the end of the month (January 31)
- Australian Vet in Abu Dhabi (with locations in Khalifa City A and Reem Island) will have a 15 per cent off all store items (excluding medications)
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Wednesday: West Indies v Scotland
Thursday: UAE v Zimbabwe
Friday: Afghanistan v Ireland
Sunday: Final
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Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
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Warlight,
Michael Ondaatje, Knopf
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MATCH INFO
Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)
Delhi won the match by 11 runs
ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
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7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
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UAE currency: the story behind the money in your pockets
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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2.15pm Maiden (PA) Dh40,000 (Dirt) 1,200m
Winner Shawall, Abdul Aziz Al Balushi (jockey), Majed Al Jahouri (trainer)
2.45pm Handicap (PA) Dh40,000 (D) 1,200m
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3.15pm Handicap (PA) Dh40,000 (D) 1,200m
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3.45pm Handicap (PA) Dh40,000 (D) 1,700m
Winner Taajer, Fabrice Veron, Eric Lemartinel
4.15pm The Ruler of Sharjah Cup – Prestige (PA) Dh250,000 (D) 1,700m
Winner Jawaal, Jim Crowley, Majed Al Jahouri
4.45pm Handicap (TB) Dh40,000 (D) 2,000m
Winner Maqaadeer, Jim Crowley, Doug Watson
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE currency: the story behind the money in your pockets
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
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Simon & Schuster
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Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km
Destroyer
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Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan
Rating: 3/5
UAE release: January 31
