Aldar Properties will commence new projects in the next three to four months, report revealed.
Aldar, Abu Dhabi’s largest property company and majority-owned by the emirate’s government, was rescued by a $10 billion state bailout in 2010 following a market crash, but is now resurgent following a union with competitor Sorouh Real Estate and an impressive upturn in most divisions of the United Arab Emirates’ real estate division.
The company’s new projects will frequently aim for mid-income buyers and tenants, according to a report on the sidelines of a conference in Dubai however they did not give more details about this.
Others stated that Abu Dhabi house prices had mounted 25% over the last 12 months and were now “healthy and stable”.
Aldar is estimated in coming weeks to reveal its third-quarter profits. Two analysts polled by forecast Aldar would make a third-quarter net profit of between 382.6 million and 441.9 million dirhams ($104.2-120.4 million). That compares with a quarterly profit of 407.5 million dirhams in the prior-year period.
Aldar’s second-quarter earnings more than doubled from the past year.