By: Ramy Sameeh

Abu Dhabi – Mubasher: Aldar Properties Company is planning to pump investments worth about AED 5.2 billion in the upcoming three years, Chief Development Officer (CDO), Talal Al Dhiyebi, said on Tuesday.

“We put a budget that includes more than AED 5 billion investments for our current and new projects in the next three years,” Al Dhiyebi added during a press conference held at the company’s headquarters.

The CDO attributed the rise in the company’s profits during the first quarter of fiscal 2016 to the increase in revenues by 4% to AED 1.23 billion thanks to the growth in recurring revenues, which represent 61% of total revenues.

Aldar posted today a net profit of AED 654 million for Q1-16, 15% up from AED 571 million in Q1-15.

“Total sales reached about 320 units worth AED 940 million, including 188 units valued at AED 324 million in Mayan, Meera and Nareel projects, in addition to 132 units worth AED 616 million in West Yas project,” Al Dhiyebi explained.

Translated by: Elwy el-Manzalawy