Aldar Properties has announced impressive financial results for the first half of 2024, showcasing robust growth in both profit and revenue. The Abu Dhabi-listed company reported a 57% increase in profit, reaching AED3.3 billion, while revenue surged 73% to nearly AED11 billion. The second quarter alone saw a 37% rise in profit to AED1.8 billion.
The performance is largely attributed to strong international interest and a thriving office market in the UAE. Aldar’s sales to foreign and resident expatriate buyers totaled over AED10 billion, representing 79% of their sales. “We are experiencing a significant expansion of our customer base and benefiting from the country’s appeal to international investors,” said Talal Al Dhiyebi, Group Chief Executive.
Commercial real estate has been a standout performer, with Grade A office and retail spaces maintaining an impressive 97% occupancy rate. Notably, occupancy at Al Maryah Tower in Abu Dhabi increased from 50% to 83% in the first half of the year.
Aldar is also expanding its footprint with several major projects. This includes the development of its first commercial building in Dubai, located between Sheikh Zayed Road and the DIFC. The new tower will feature a luxury hotel and branded residences.
The UAE’s office market contrasts sharply with global trends. While office high-rises in the US and Europe face challenges due to remote work and low occupancy, the UAE market remains resilient, with high demand from professional entities and an almost full capacity in Aldar’s Abu Dhabi offices.
In addition to its successful operations, Aldar reported a record development backlog of AED39 billion, including the highest-ever UAE backlog of AED33 billion. This strong pipeline is expected to enhance revenue recognition over the next few years.
With an optimistic outlook, Aldar is preparing to break ground on a new logistics park in Dubai by Q4 2024 and is planning for a 10-year green Islamic bond issuance. The company’s robust performance highlights its strategic positioning in a dynamic market, reflecting both regional strength and global investor confidence.
