Aldar Development

Aldar Development, Abu Dhabi’s leading property development company, reported sales of AED 1.1 billion in Q4, bringing the full year total sales to a record figure of AED 7.2 billion. Major project launches including multiple phases of Noya and Yas Acres, Al Gurm and the third phase of Saadiyat Reserve were the primary drivers behind this highest-ever sales figure. Sales were supported by a broadening customer profile, with an increasing number of younger and female buyers purchasing properties in Abu Dhabi. The overseas and resident expat customer segment showed strong demand throughout the year, representing 44% of Aldar’s sales, up 32% from the previous year. Yas Island remains a key priority, with developments on the island accounting for 62% of the total value of sales throughout 2021. Aldar Project’s fee-based business delivered strong results, with a continued ramp-up throughout the year. A total of AED 6.9 billion in capex was spent in 2021, resulting in a remaining backlog of projects worth AED 41.1 billion. The last quarter of 2021 also saw an Aldar-led consortium acquire an 85.52% stake in one of Egypt’s leading listed real estate development companies, Sixth of October Development and Investment Company (SODIC). This acquisition is part of Aldar’s overall expansion strategy into the Egyptian real estate market. The consortium will now pursue its objective to advance SODIC’s position as a leading national developer by scale and reputation, growing its portfolio of mixed-use residential communities in Greater Cairo, the North Coast and other major markets.

Aldar Investment

Aldar Investment, the largest diversified real estate asset management platform in the region, continued to demonstrate the resilience and defensiveness of its portfolio in 2021. Yas Mall achieved 97% occupancy at the end of December, up 17% from a year earlier, highlighting successful leasing and the introduction of new and unique concepts and offerings as part of the successful mall repositioning. In addition, the community retail assets occupancy saw an increase of 17% from last year to 95%, mainly due to the ramp up in Mamsha retail. The retail segment’s weighted average unexpired lease terms (WAULT) increased by 38%, demonstrating the long-term leases secured during the year. The commercial portfolio registered solid performance with strong leasing growth, ending the year at 93% occupancy. This was mainly driven by strong leasing in both International Towers and Aldar’s flagship HQ building. The residential portfolio like for like occupancy was up 5% year-on-year to 93% as tenants continue to choose Aldar as the developer of choice. The Hospitality and Leisure business continues to recover with strong Q4 demand, driven by excellent performance during the Formula One event and the holiday season. Aldar Education’s performance was solid in 2021 following an increase in enrolments reaching over 26,000 in total, the highest since its inception. In Q1 2022, the education business also committed to over AED 1 billion in investments to diversify its portfolio of schools and increase the number of students to more than 40,000 by the 2024-2025 academic year. Within the Principal Investments business, Aldar’s property management company Provis witnessed a significant increase in new contracts. Currently, Provis includes a portfolio of 55,000 residential units, 490,000 Gross Leasable Area (GLA) of retail assets, and 318,000 sqm of commercial assets under management.

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