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$2.4bn of projects drive 15% growth for Aldar revenues in H1 2019

Government-awarded contracts and off-plan development sales boosted revenues to $931.1m (AED 3.4bn)

Aldar Properties' Al Falah Homes.
Aldar Properties' Al Falah Homes.

Abu Dhabi real estate developer Aldar Properties’ revenues for the first half of 2019 grew from $811.3m (AED 2.98bn) to $931.1m (AED 3.4bn), a 15% growth compared to the same period last year thanks to off-plan developments sales and government awarded contracts.

Data from its H1 2019 results showed that off-plan development sales totalled $517.2m (AED 1.9 billion), up 78% compared to H1 2018.

For Q2 2019, off-plan sales were $232.2m (AED 853 million), up 129% from a year ago, primarily driven by the launches of Lea and Alreeman residential complexes, as well as sales on existing projects under development including Yas Acres.

Other areas noted were Aldar’s $1.3bn (AED 5 billion) signing of construction projects across several key Abu Dhabi areas and landmarks in July 2019, including a $544.5m (AED 2 billion) project to develop the expansion of Al Falah housing community on behalf of the government.

Commenting on the results, Aldar Properties CEO Talal Al Dhiyebi said there had been an “upswing” in sentiment for Abu Dhabi’s real estate market.

“We are investing wisely, extracting more value from our investment portfolio, which is contributing to our growth,” said Al Dhiyebi. “The wheels of change are in motion and Aldar is well positioned and well-funded to capitalise on emerging opportunities.”

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Construction Week - Issue 747
Aug 03, 2019