Our business consists of three key pillars:
Property Development & Management
Aldar has been one of the principal developers in Abu Dhabi over the last decade and developed a number of the skyline developments that define Abu Dhabi today including Yas Island's Ferrari World and Yas Marina circuit, World Trade Centre and The Gate Towers.
Property Development is focused on Aldar's current developments which today include Ansan, Al Hadeel, Nareel, Al Merief, Meera and Mayan. These are Aldar developments launched into the market through off-plan sales.
Aldar holds a significant landbank all within Abu Dhabi. This equates to approximately 75 million square metres; one third of which sits within Abu Dhabi metropolitan area and third thirds on the border of Dubai.
The focus of Aldar's development pipeline is centred around destination development which all sit within metropolitan Abu Dhabi. Aldar has three principal destination land banks: Yas Island, Al Raha Beach and Shams Abu Dhabi.
In addition to launching our own developments. Aldar provides development management to external parties. Aldar is a strategic partner of the Government of Abu Dhabi and currently working on a number of projects including Abu Dhabi Plaza Astana. Recent previous projects include Cleveland Clinic and a number of National Housing Initiative developments.
Aldar owns a diversified asset management portfolio across four key real estate sectors: retail, residential, office and hotels. The asset management division has been growing in recent years in line with the group strategy to develop a stable revenue base throughout the cycles.
Our retail asset management portfolio emcompasses 27 assets across Abu Dhabi and Al Ain and will be the largest contributor to profitability once stabilised. Our flag ship asset is Yas Mall, the first super regional mall in Abu Dhabi which opened in November 2014 and today is 96% trading.
Our residential asset manangement portfolio includes over 4,800 units across 10 developments in Abu Dhabi metropolitan area. This portfolio grew significantly in 2014 following the handover of close to 3,000 units across The Gate Towers and al rayyana.
The residential portfolio is the second largest asset management business and has seen exceptional performance with occupancy reaching 98% as at 31 December 2015.
Our office portfolio extends 204,000 sqm GLA across seven assets. The portfolio is 95% leased as at 31 December 2015 following the acquisition of Daman House in December 2015.
The Aldar hotel portfolio includes nine hotels and apart-hotels (one of which is a JV). Total rooms stand at 2,536 keys across 5-star, 4-star, 3-star and serviced apartments. A majority of the hotel portfolio (90%) sits on Yas Island with close proximity to the leisure features on Yas Island (Ferrari World, Yas Mall, Yas Waterworld and Yas Marina Circuit) and the airport.
The hotel portfolio saw 79% occupancy in 2015, in line with 2014.
The adjacent businesses includes Aldar's key subsidiary businesses. There are three main adjacent businesses:
Aldar Academies is a 100% owned subsidiary of Aldar Properties. It opened its first school in 2008 with only 250 students and today operates six schools across Abu Dhabi and Al Ain with over 5,000 students.
Khidmah is a property and facilities management group, 60% owned by Aldar.
Pivot is a construction business principally operating in the UAE, 60% owned by Aldar.