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Alpha Dhabi becomes Aldar’s parent company on buying additional stake

Alpha Dhabi becomes Aldar’s parent company on buying additional stake
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Alpha Dhabi
ALPHADHABI
-0.33% 24.00 -0.08
Aldar
ALDAR
0.41% 4.90 0.02

Abu Dhabi – Mubasher: Alpha Dhabi Holding has become a parent company of Aldar Properties after increasing its shareholding of the latter through an additional stake.

Alpha Dhabi aimed to complement its existing majority representation on Aldar’s board, according to a bourse disclosure on Tuesday.

After buying the new equity, Aldar will be considered a subsidiary in Alpha Dhabi’s consolidated financial statements, where the impact of the process will be reflected as of the second quarter (Q2) of 2022, which ends on 30 June this year.

CEO of Alpha Dhabi, Hamad Al Ameri, said: “As a long-term strategic shareholder, Alpha Dhabi will continue to support Aldar’s management team as they execute its transformational growth agenda.”

Al Ameri noted: "There have been a number of economic, social, and regulatory policies and initiatives that have bolstered the UAE’s status as a premier destination to live, work and visit, thereby increasing the demand for real estate.”

He added: “The result is an in-demand asset class across the UAE, the key market in which Aldar operates, as well as new markets it has recently entered into such as Egypt.”

Alpha Dhabi recently announced that its subsidiary W Solar Investment entered into an agreement in Libya for a strategic long-term partnership and collaboration in the African state’s renewable energy sector.