Aldar Properties PJSC (Aldar), an Abu Dhabi-based property development, investment, and management firm, announced its agreement with Tourism Development & Investment Company (TDIC) to acquire a portfolio of prime real estate worth AED3.7 billion.
Since its inception in 2005, Aldar has been a major key in shaping the fabric of the UAE’s capital city and other areas of the Emirate. It’s responsible for building properties such as the HQ building in Al Raha Beach, the Gate Towers on Al Reem Island, and Yas Island’s F1 circuit. (Watch the video below for more of their past projects.)
On 7 May, it has announced the acquisition of more assets located in key destinations, with a focus on Saadiyat Island and its prime strategic land plots. The purchase includes operating assets within various sectors ranging from hospitality, retail, residential, education and infrastructure.
“This landmark acquisition will further advance Abu Dhabi’s real estate sector and accelerate the development of Saadiyat Island”
Talal Al Dhiyebi, CEO of Aldar Properties, said: “Acquiring assets on Saadiyat Island presents Aldar with an unprecedented opportunity to add significant value to its portfolio. We believe this landmark acquisition will further advance Abu Dhabi’s real estate sector and accelerate the development of Saadiyat Island, taking it to the next level.”
Also known as the jewel of the crown of Abu Dhabi’s real estate portfolio, Saadiyat Island is now one of the most coveted locations in the Arabian Gulf. The island is blessed with stretches of prime beaches, beachfront hotels, villas and apartments, making it the destination of choice for both local and global travellers.
“This is a very exciting time for the market”
Al Dhiyebi further commented that the government has demonstrated its commitment to making Saadiyat Island one of the most sought-after destinations in the world. He cited the opening of the Louvre Abu Dhabi in November 2017 as an example, and added: “This is a very exciting time for the market, and as its leading player, we’re well placed to take advantage, with the injection of these new assets representing a strong addition to our impressive portfolio.”
Gaining acclaim, the cultural district will also see the development of the Zayed National Museum and Guggenheim Abu Dhabi in the coming years. The gross development value of the projects under development on Saadiyat Island is AED2.5 billion.
The acquisition of TDIC’s operating assets will enhance Aldar’s asset management business with an additional stream of recurring revenue, in line with its growth investment plan. It will immediately contribute to the performance of both its development and asset management business in 2018 and beyond.
The acquisition is expected to be fully complete by end of June 2018.