Aldar Properties Report Sales of $6.53 Billion in 9M-2024

Driven by solid demand for new launches and inventory, Aldar Properties, the leading real estate developer and manager in the UAE with a diversified and sustainable operating model, on Tuesday reported strong development sales momentum of $6.53 billion in the first nine months of 2024, up 24% y-o-y.

The company launched three new project in the third quarter – Verdes by Haven in Dubai, The Arthouse on Saadiyat Island and Yas Riva – taking total year-to-date launches to eight, Aldar Properties said in a regulatory filing with Abu Dhabi Exchange (ADX) this morning.

It also said that there was continued growth of overseas and expat resident customers accounting for 76% of UAE sales which stood at $4.17 billion at the end of September. The increasingly diversified group backlog reached a record high of $13.23 billion and highest-ever UAE backlog of $11.03 billion, driving revenue recognition over the next 2-3 years.

As part of its strategic replenishment of landbank to support future growth in Abu Dhabi as well as overseas with London Square, Aldar Properties acquired three new sites during the quarter, taking year to date site acquisitions in London to 10 plots.

Aldar’s Investment revenue reached $1.36 billion for the first nine months of 2024, marking a 24% y-o-y increase supported by strategic acquisitions made in 2022 and 2023 that are contributing to the bottom line and surpassing expectations.

Its Strategic partnership with Mubadala to own and manage assets valued at $8.17 billion in Abu Dhabi, is set to drive significant scale, diversification, and value for the business, Aldar properties said.

Aldar’s continued capital deployment to support develop-to-hold asset pipeline across the UAE stood at $2.55 billion. The company also strengthened its presence in Dubai with entry to commercial sector via 6 Falak acquisition, a Grade A tower set for development adjacent to DIFC, and the recently announced joint venture with Expo City Dubai.

The company said that it has ample liquidity to support growth agenda with $2.59 billion in free cash and unrestricted cash, and $2.29 billion in undrawn committed credit facilities.

Healthy Investment Climate

Aldar’s Chairman Mohamed Khalifa Al Mubarak said that his company’s has been driven by the UAE’s robust domestic investment climate and its ability to attract international capital and businesses.

“This favourable environment has enabled us to scale rapidly, balancing the expansion of recurring income streams with record development sales, while strategically reinvesting capital into new opportunities and securing partnerships that will drive further scale and value for both Aldar and Abu Dhabi,” he added.

Aldar’s Group CEO Talal Al Dhiyebi said that Aldar has seen remarkable growth across all areas of the business in the first nine months of the year as its development arm continued to deliver record performance, with international demand driving robust sales across the company’s developments. “The continued diversification of our investment portfolio is driving significant value creation on the back of strategic acquisitions and strong operational performance in a thriving UAE real estate market,” he said.

He added: “An expanding landbank and newly formed strategic partnerships with Mubadala and Expo City Dubai are creating exciting new avenues for growth, enabling us to expand our presence across key segments and geographies. We are extremely confident that we will maintain our current growth trajectory in the coming years and continue unlocking value for our shareholders.”