Abu Dhabi – Mubasher: Aldar Properties plans to invest further AED 5 billion to develop a range of income-generating assets within key destinations in Abu Dhabi.

The ADX-listed firm noted that the assets will be delivered in a phased manner between 2025 and 2027, according to a press release.

Talal Al Dhiyebi, Group CEO of Aldar, said: “This integrated business model is ratcheting up growth across our core UAE businesses, driven by strong demand for premium real estate.”

In line with its strategy, the investments will enable the UAE-based company to activate its landbank by establishing a variety of real estate asset classes. 

They will cover logistics, retail, and hospitality assets, which will add to Aldar’s develop-and-hold portfolio.

Yas Island

Aldar intends to develop new commercial assets across Yas Island, Saadiyat Island, and Al Maryah Island.

The plans include a new 12-storey office tower that is under development due to the strong demand for Grade A office space in Abu Dhabi.

To be developed next to the Yas Plaza Hotels on Yas Island, the new office is expected to be handed over in 2025.

Saadiyat Island

Aldar will build a business park with nearly 26,000 square metres of net leasable area (NLA) at Saadiyat Grove. The project, which is set to be complemented in 2027, incorporates four Grade A commercial office buildings situated within a landscaped business park.

As for the retail business, the group is developing 78,000 sqm of NLA at Saadiyat Grove, including a central shopping destination, two retail boulevards, and community retail spaces.

Within the Aldar Hospitality portfolio, the company will develop and manage the new Nobu-branded hotel that is set to be implemented in the second quarter (Q2) of 2027.

Al Maryah Island

Aldar and Mubadala will join forces to set up a second Grade A commercial tower that will be added to the site of the 37-storey office building announced in 2023.

The strategy will take the total NLA at the site to 98,000 sqm and will crucially boost the availability of Grade A office space within the Abu Dhabi Global Market (ADGM) once completed in 2027.

Once the office and retail assets are completed, they will be part of the Aldar Investment Properties (AIP) portfolio, which houses the company’s AED 25 billion of income-generating real estate assets.

In the January-September 2023 period, Aldar registered AED 3 billion in net profit, an annual leap of 41% from AED 2.13 billion.