Abu Dhabi’s largest developer Aldar Properties announced a net profit for 2024 that surged 47% year on year to AED 6.5bn ($1.77bn), fuelled by robust demand for new launches and existing inventory.
Revenue and rental income during the reporting period was up by more than 62% on an annual basis to Dh 23bn.
The company will continue to launch numerous new projects this year in Abu Dhabi, including Al Fahid Island development as well as projects in Yas and Saadiyat Islands and a new mega development in Dubai at the end of the first quarter. It unveiled 12 projects last year and launched 10 of Abu Dhabi’s 43 housing projects.
“During 2024, Aldar delivered exceptional operational and financial performance against the backdrop of a thriving domestic real estate market, which is being enabled by government policies that ensure the UAE is one of the world’s most attractive destinations for both individuals and businesses to call home.”
Mohamed Al Mubarak, Chairman, Aldar Properties
In 2023, Aldar acquired UK developer London Square for Dh1.07bn, marking its first acquisition outside the Mena region.
London Square sales totalled Dh 1.7bn for the full year, while sales in Egypt through its subsidiary Sodic (The Sixth of October for Development and Investment) reached Dh 3.5bn.
