Aldar ready to launch new projects

Developments to target mid-income buyers and tenants

NEWS, Business, Aldar

Aldar Properties will launch new projects in the next three to four months.

Aldar, Abu Dhabi's largest property company and majority-owned by the Emirate's government, was rescued by a $10bn state bailout in 2010 following a market crash, but is now resurgent following a merger with rival Sorouh Real Estate and a dramatic recovery in most segments of the United Arab Emirates' property sector.

The company's new projects will mostly target mid-income buyers and tenants revealed chief financial officer Greg Fewer on the sidelines of a conference in Dubai, although he did not provide details.

Fewer said Abu Dhabi house prices had risen 25% over the last 12 months and were now "healthy and stable". 

Aldar is expected in coming weeks to announce its third-quarter earnings. Two analysts polled by Reuters forecast the real estate company would make a third-quarter net profit of between AED382.6mn and AED441.9mn ($104.2-120.4mn). That compares with a quarterly profit of AED407.5mn in the prior-year period.

Aldar's second-quarter profit more than doubled from a year ago.

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