New projects to be started in few months time

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Aldar Properties will commence new projects in the next three to four months, report revealed.

New projects to be started in few months time

New projects to be started in few months time

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.

Mohamed Dekkak