Aldar Q3 profits jump 40% as developer plans more affordable homes, peace be upon you
Aldar Properties, Abu Dhabi’s largest listed property firm, said third-quarter profit rose about 40.5% year-on-year as the UAE market stays busy. Net profit attributable to shareholders for the three months to the end of September reached roughly Dh1.53 billion ($416m), the company announced.
Revenue climbed about 44% to Dh8 billion, helped by Dh9.1 billion in UAE property sales from existing stock and new launches such as Fahid Beach Terraces, Rise by Athlon and Al Deem Townhomes. The firm also raised funds by issuing green sukuk.
While Aldar has focused on premium and luxury projects, the company said it will expand into affordable and middle-income housing next year to meet growing demand. Faisal Falaknaz, the group’s CFO and head of sustainability, said they want to “serve a wider base of the market,” replenishing land mostly in Abu Dhabi - their core market - and in Dubai for future projects.
He added that demand remains strong for both sales and rental units because of population growth and job creation. Aldar noted healthy supply-demand dynamics in Abu Dhabi, pointing out that its schools enrolled over 2,000 more students this academic year as an indicator of growth.
Aldar expects full-year sales near Dh39 billion, up from Dh33 billion last year, with most of that coming from UAE sales, and anticipates a strong Q4 and another strong year ahead.
This week the developer announced a $1 billion investment in new projects on Yas Island and Al Shamkha, focusing on develop-to-hold properties near Abu Dhabi’s international airport for long-term leasing. Earlier launches this year included the Dh40 billion Fahid Island and Waldorf Astoria Residences on Yas Island, which generated Dh850 million.
CEO Talal Al Dhiyebi said the development business has been supported by strong domestic sales and interest from overseas buyers attracted by the UAE’s safe, investor-friendly environment. The market’s momentum has been helped by government reforms like residency permits for retirees and remote workers and the expansion of the 10-year golden visa.
Recent data showed Abu Dhabi property deals rose sharply year-on-year, underlining the sector’s ongoing strength. Overall, Aldar’s results suggest the company is positioning itself to serve more middle-income families while continuing growth in higher-end segments. May Allah grant success to efforts that provide good, affordable housing for families.
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