Aldar Properties, Abu Dhabi's biggest property developer, reported a 98 percent rise in third-quarter net profit on Thursday, beating analysts' estimates, as it cut costs and write-downs.
The builder of Abu Dhabi's For
Aldar Properties, Abu Dhabi's biggest real estate developer, will focus on rental income and smaller projects instead of large developments in order to avoid the risk of becoming overstretched again, a senior executive said.
Aldar Properties celebrated the launch of its iconic World Trade Center Mall (WTC Mall) in the UAE capital on Wednesday (October 23) offering the residents an exciting new shopping and dining experience with a range of key brand names.
Abu Dhabi's Aldar Properties is talking to banks about raising a bridge loan of up to $1.5 billion with an option to convert it later into a bond, banking and industry sources aware of the matter said on Wednesday.
Aldar Properties, Abu Dhabi's biggest property firm, said on Tuesday that its chief executive officer Sami Asad will step down from his role on August 15.
Asad has been CEO of the property developer since 2010.
Abu Dhabi developer Aldar Properties laid out plans to cut its $3.8 billion debt by more than half in coming years as it starts to recover from a real estate slump and reaps the benefits of a merger with its main rival.
The merger between Abu Dhabi’s Aldar Properties and Sorouh Real Estate became effective at the close of trade on June 27, a statement said.
This follows the publication of a ministerial resolution by the
Abu Dhabi developers Aldar Properties and Sorouh Real Estate will trade as a merged entity from June 30 with a capital of 7.86 billion dirhams ($2.1 billion), the Abu Dhabi exchange said in a statement on Sunday.
The opening base
Abu Dhabi's Aldar Properties has awarded a Dh4 billion ($1.09 billion) contract to a joint venture led by Dubai contractor Arabtec for a mixed-use development project in Kazakhstan, the companies said.
The consortium of Arabte
Abu Dhabi's Aldar Properties, set to come together in a state-backed merger with Sorouh Real Estate, reported lower quarterly earnings on Tuesday in a fresh indication of continued weakness in the UAE capital's property sector.