Aldar Group Sales Grew by 20% in 2024

Largely driven by exceptional demand for new launches and existing inventory in key UAE destinations, the UAE-based real estate giant Aldar Group on Monday said that the company’s sales increased 20% to a record high of $9.15 billion in 2024.

The robust appeal among international buyers, witnessed the UAE sales to overseas and expat resident customers rising to $6.04 billion, representing 78% of sales (up from 66% in 2023), the company said.

The increasingly diversified group development backlog has reached a record $14.87 54.6 billion, with the UAE backlog of $12.5 billion, driving revenue recognition over the next 2-3 years, Aldar said in a regulatory filing this morning.

Aldar Chairman Mohamed Khalifa Al Mubarak said that the company has launched 12 new projects in 2024, including four in last quarter- Mamsha Palm, Faya Al Saadiyat, Mandarin Oriental Residences, and Mamsha Gardens.

The company also witnessed an uplift in activity in Egypt with Sixth October Development and Investment company’s (SODIC) successful launch of Ogami and in the UK with London Square launching four new developments and acquiring 13 sites in 2024.

Solid progress on strategic partnership was made with Mubadala with the closing of three joint ventures related to assets at Masdar City, land at Al Falah, and an island adjacent to Saadiyat Island, Aldar said.

Active and sizeable capital deployment pipeline across develop-to-hold projects, land replenishment, acquisitions (M&A), and capex initiatives. The develop-to-hold pipeline alone has expanded to $3.62 billion.

Aldar Investment continues to expand and diversify, with full-year adjusted EBITDA rising 20% y-o-y to $740 million and assets under management growing to $11.43 billion.

The company enhanced capital structure, financial resilience and flexibility with $2.45 billion revolving credit facility, raised $1 billion by issuing hybrid notes, and secured $500 million hybrid capital solution from Apollo in early 2025.

There considerable liquidity available to support growth agenda with $2.86 billion in free and unrestricted cash, and $2.21 billion in undrawn committed credit facilities at year end 2024.

The company’s Board has recommended dividend of $0.05 per share, an increase of 8.8% y-o-y, representing a total pay-out of $390 million in 2024.

Thriving Domestic Market            

Aldar Chairman said that the company has delivered exceptional operational and financial performance against the backdrop of a thriving domestic real estate market, which was enabled by government policies ensuring that the UAE is one of the world’s most attractive destinations for both individuals and businesses to call home.

“In 2025, we will deliver our first residential and retail concepts in Saadiyat Cultural District, which will be a milestone moment for Aldar as we contribute to Abu Dhabi’s position as a global capital of arts and culture. We believe that new development launches across geographies and the expansion of our recurring income portfolio will fuel our growth in the year ahead,” he added.