Abu Dhabi-based Aldar Properties, a leading listed property development, investment, and management company, has appointed Mohammed Khalifa Al Mubarak as chief executive officer effective immediately.
Al Mubarak previously held th
Abu Dhabi-listed developer Aldar Properties has raised its estimate of the value of synergies from its merger with another property firm, Sorouh, by 45 per cent to Dh145-150 million ($39.5-40.9 million) annually.
Abu Dhabi's largest property developer Aldar has hired five banks to arrange the sale of a benchmark-sized sukuk, to refinance debt, three banking sources said.
The proposed bond sale would be Aldar's first since it comple
Emrill, a UAE-based facilities management provider, has won a three-year contract for the World Trade Center Abu Dhabi with Aldar Properties, an Abu-Dhabi based real estate developer.
The company will provide specialist services i
Abu Dhabi-based Aldar Properties, a major real estate developer, has posted a net profit of Dh1.25 billion ($340 million) for the second quarter (Q2) of the year, as against Dh418 million during Q2 2012, marking an increase of 200 per cent.
Abu Dhabi developer Aldar Properties, which has twice been rescued by the Abu Dhabi government with bailouts totalling $10 billion, may merge with local rival Sorouh Real Estate in a state-backed tie-up, the two firms said on Sunday.
Yields on Abu Dhabi property developer Aldar Properties's 2014 bond rose over 30 basis points on Tuesday, a day after Reuters reported the emirate held talks to offload the government's stake in the struggling firm.
Abu Dhabi has held talks to offload all or part of a 49 percent government stake in struggling Aldar Properties in an attempt to stop its falling asset value from dragging down state investment fund Mubadala, a report said.
Aldar Properties, the struggling developer rescued by a $5.2 billion bailout by Abu Dhabi last quarter, returned to profit, after it booked sales of assets, including the Ferrari World theme park.
The builder of the Yas Marina Formula One