Aldar has reached its highest-ever quarterly development sales of AED 8.5bn in Q4 2023, with full-year sales hitting a record AED 27.9bn. Development revenue backlog also doubled to AED 36.8bn, providing strong income visibility over the next two to three years.
Aldar also launched 14 new projects, with successful entry into Dubai and Ras Al Khaimah markets complementing dominant position in Abu Dhabi.
The company saw strong demand from end-users and investors, with overseas and resident expat buyers accounting for 66% (AED 16bn) of UAE sales.
“The strength of the UAE economy, driven by a thriving business-friendly environment, continues to provide conducive conditions for the real estate market. Leveraging its unique platform, Aldar accelerated its transformative growth trajectory in 2023 to deliver remarkable earnings growth, with an intensive programme of new development launches and the enhanced performance of its recurring income portfolio.
“By further capitalising on secular trends and the transition to a net zero economy, we look forward to continuing to play a central role in the UAE’s dynamic socio-economic development and the growth of its real estate sector in the coming years.”
H.E. Mohamed Khalifa Al Mubarak, Chairman, Aldar
Aldar Investment recorded 40% revenue growth driven by recent acquisitions, active asset management, and strong operational performance across the business. An international expansion strategy was also activated through the acquisition of UK developer London Square, investment in European real estate private credit, and direct investments in European logistics and self-storage assets.
Aldar is positioned for further expansion, centered on its home market, with a strong liquidity position of AED 2.9bn in free cash and AED 7.5bn in undrawn credit facilities. AED 5bn pipeline of ‘develop-to-hold’ assets across core segments and AED 1bn investment in logistics are set to bolster recurring-income streams and long-term capital appreciation.
The recommended dividend of AED 0.17 per share represents a total payout of AED 1.3bn in 2023. 10-year dividend CAGR of 9% demonstrates Aldar’s solid track record of delivering sustainable shareholder value.
“Aldar is transforming into a world-class industry heavyweight, operating at a significantly elevated scale. Over the past five years, our business has grown significantly. Development sales in 2023 surged tenfold compared to 2018, the gross asset value of our investment property portfolio grew by more than fifty percent, and net profit more than doubled, reaching AED 4.4bn.
“This tremendous performance over a short timeframe has been witnessed across our core businesses, where we have delivered significant geographic and sector diversification and scale and enhanced long-term resilience. The strength, agility, and scale of our platform will allow Aldar to capitalise on new opportunities to continue driving long-term sustainable growth and shareholder value.”
Talal Al Dhiyebi, Group Chief Executive Officer, Aldar
