Aldar reports 25% jump in Q3 net profit amid launch of new projects

Aldar Properties, the largest listed developer in Abu Dhabi, announced a significant 25% increase in its third-quarter net profit, reaching Dh1.9 billion ($517.3 million). This surge in earnings is attributed to a 16.4% year-on-year rise in revenue and rental income, which totaled Dh9.3 billion during the three months ending September. The company's success can be linked to the launch of new projects and strategic partnerships across the UAE.

Mubadala Investment Company, a major shareholder, bolstered its stake in Aldar from 27.01% to 28.03% of the company's issued share capital in August. This investment comes as Aldar expands its footprint in the UAE through new agreements and deals. Most recently, the developer committed to purchasing over 1,100 homes in Sharjah from Arada for Dh1.1 billion, marking the first investment in the emirate.

The transaction involves nine buildings within three residential blocks at Aljada, Arada's flagship mixed-use development, with construction slated for the fourth quarter of 2029. This acquisition is part of a Dh15 billion development partnership between Aldar and Arada, which also includes the construction of new projects along the Abu Dhabi-Dubai border.

Aldar's growth trajectory extends beyond the Middle East, with plans to launch a major development of villas and townhouses in Dubai by the year's end. Jonathan Emery, the chief executive of Aldar Development, recently shared these updates with The National in London, highlighting the company's ambitious expansion plans across the country.