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The company is targeting sales of Dh3.6bn or more in 2021, chief executive of Aldar Development says

SHARE Aldar Properties, the UAE’s biggest listed developer, is looking to buy a majority stake in Egypt’s Sixth of October for Development and Investment Company (Sodic). The Abu Dhabi-based developer is leading a consortium that submitted a non-binding offer of 18-19 Egyptian pounds per share, valuing Sodic at 6.6 billion Egyptian pounds ($421 million) at its mid-point, it said in a statement to the Abu Dhabi Securities Exchange, where its shares trade. The offer is a 14 per cent premium on last week's closing price. “Aldar believes that its offer represents a compelling liquidity even...

SHARE Developer Aldar Properties expects its fee-based revenue to increase as it expands its asset management business amid growing profitability. The company manages about Dh2 billion in assets owned by third parties and is “taking on more asset management” projects, chief executive Talal Al Dhiyebi told Bloomberg TV yesterday. Aldar Development, the unit responsible for developing its 7,500-hectare land bank in Abu Dhabi, also reported strong growth. “Our development unit, which is normally more cyclical compared to our asset management [business], right now gives a very strong recurr...

Developer is currently managing around Dh2bn in assets owned by third parties, its chief executive says

SHARE Aldar Properties, the UAE’s biggest listed developer, reported a 28 per cent increase in its fourth-quarter net profit on the back of higher revenue. Net profit for the three months to December 31, 2020, jumped to Dh729 million, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares trade. Revenue grew 19 per cent to Dh2.53 billion. “Aldar’s powerful performance in 2020 has set the tone for a new phase of sustainable growth,” Talal Al Dhiyebi, group chief executive of Aldar Properties, said. “We have adopted a new operating model to propel the c...