Aldar Properties

Aldar Properties
Native name
شركة الدار العقارية
Company typePublic
IndustryReal estate
Founded12 January 2004; 20 years ago (2004-01-12)
HeadquartersAbu Dhabi, UAE
Area served
Abu Dhabi
RevenueAED AED 8.58 billion (2021)
AED 2.33 billion (2021)
Total assetsAED 41.1 billion (2021)
Total equityAED 40 billion (2020)
Number of employees
500
Websitewww.aldar.com
Footnotes / references
[1][2][3]

Aldar Properties PJSC (Arabic: شركة الدار العقارية Sharikah al-Dār al-`Iqāriyyah) is a real estate development company owned by the Abu Dhabi government and with headquarters in Abu Dhabi, United Arab Emirates.[4] The company's shares are traded on the Abu Dhabi Securities Exchange. The largest shareholder of Aldar is Mubadala, the UAE sovereign wealth fund.[5][6]

Aldar's projects within the Abu Dhabi Emirate include Al Raha Beach, Al Raha Gardens, the Abu Dhabi Central Market (Souq) and Al Mamoura, as well as Yas Island which includes the Yas Marina Circuit, Ferrari World and Yas Hotel Abu Dhabi.[7]

History

Aldar was founded on 12 January 2004.[8] The shares were listed in 2005.

In Astana, Kazakhstan, Aldar was a partner in the develop of the Palace of Peace and Reconciliation and the Khan Shatyr Entertainment Center.[9]: 20 

The company's credit rating was downgraded to "junk" in 2010.[10] The company received a $5.2 billion bailout by the Abu Dhabi government in 2011.[11][12] In 2012, Reuters reported on suspicious stock exchange patterns during the announcement of a state-backed merger of Aldar and Sorouth Real Estate.[13] In 2013 the company merged with Sorouh Real Estate.[14] The combined entity continues to operate under the Aldar name.

In December 2017, Aldar acquired the International Tower in Abu Dhabi.[15] In March 2018, Aldar announced a ″strategic partnership″ with Emaar, a leading developer from Dubai.[16] Aldar and Dubai Holding have partnered to develop projects in Dubai in 2023.[17]

In 2023 Aldar Properties announced it had acquired United Kingdom property developers London Square in a deal worth £230m (AED 1.07bn).[18] The deal was finalised in December 2023, making London Square a wholly owned subsidiary of Aldar.

See also

References

  1. ^ Aldar Annual Report 2016
  2. ^ About Aldar, Aldar website. Retrieved 2018-02-16.
  3. ^ "Aldar LinkedIn profile". Retrieved 2018-02-16.
  4. ^ "Once Sky High, Abu Dhabi's Prices Tumble to Earth". New York Times. 2012.
  5. ^ "While Wall Street Struggles, New Financial Hubs Arise". New York Times. 2008-04-02.
  6. ^ "Alpha Dhabi unit buys $953 million stake in Aldar from Mubadala". Reuters. 2021.
  7. ^ "Lea Residential Plots at Yas Island by Aldar properties". Retrieved 2019-04-15.
  8. ^ "Terms of Service Violation". www.bloomberg.com. Retrieved 2018-09-10.
  9. ^ Curtis, Simon; Klaus, Ian (2024). The Belt and Road City: Geopolitics, Urbanization, and China's Search for a New International Order. New Haven and London: Yale University Press. ISBN 9780300266900.
  10. ^ "Abu Dhabi developer stoic despite slump". BBC News. 2010.
  11. ^ "Moody's downgrades, reclassifies Abu Dhabi's Aldar". Reuters. 2011.
  12. ^ "Aldar Foresees 2011 Profit Thanks to Financing Plan". New York Times. 2011.
  13. ^ "Abu Dhabi bourse denies Aldar, Sorouh share trade inquiry". Reuters. 2012.
  14. ^ ″Aldar merger kicks off new model for large consolidations,″ Financial Times. July 1, 2013.
  15. ^ "Aldar Properties Acquires International Tower for AED 658 MLN," Reuters. December 20, 2017.
  16. ^ "Aldar and Emaar alliance a gamechanger for UAE realty market," Gulf News. March 17, 2018.
  17. ^ Release, Press. "Aldar enters strategic partnership with Dubai Holding to debut in Dubai real estate market". www.zawya.com. Retrieved 2023-03-20.
  18. ^ Nagraj, Aarti. "Aldar acquires UK property developer London Square for $291m". The National. Retrieved 2024-11-12.


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