Abu Dhabi – Mubasher: Aldar Properties has reported a 4% increase in net profit during the first quarter of 2018.

The Abu Dhabi-based developer’s net profit registered AED 668 million in Q1-18 versus AED 641 million in the year-ago period, according to a company statement released on Tuesday.

“Aldar started 2018 strongly with the announcement of a historic partnership with Emaar to develop the next era of iconic real estate destinations….The initial AED 30 billion pipeline of projects is just the start of this partnership,” Aldar Properties’ CEO Talal Al Dhiyebi commented.  

In March, Aldar Properties and Emaar Properties created an AED 30 billion ($8.1 billion) joint venture (JV), to develop master-planned destinations in national and global scales.

Development sales reached AED 681 million in the three-month period ended 31 March on the back of selling underway projects, while Aldar’s asset management portfolio’s net operating income recorded AED 396 million in the same period.

“Our acquisition of AED 3.7 billion of assets from TDIC last week as well as the launch of Alghadeer in April, cements our reputation as Abu Dhabi’s leading real estate developer and asset manager,” Al Dhiyebi said.

Earlier in May, Aldar signed an agreement with Tourism Development and Investment Company (TDIC) to acquire AED 3.7 billion ($1.01 billion) asset portfolio.