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Aldar Properties, the Abu Dhabi-based developer behind mega projects such as the Formula One race circuit on Yas Island, reported positive Q1 earnings in Q1 2019. Boosted by strong demand and sales of its development units, including the highly successful Alreeman project, Aldar recorded a 20% increase in revenue, crossing AED 1.7 billion year-on-year.
Sales activity across existing launches, such as Yas Acres, West Yas and Mamsha, was also strong in Q1 2019. Approximately 80% all development units launched have been sold according to a statement from Aldar.
According to Aldar’s regulatory filing to the Abu Dhabi Securities Exchange, where its shares are traded, net profit was at AED 493 million, down 26% compared to Q1 2018. This was due to legacy and other income events, without which net profit would have risen by 4%, Aldar clarified. Talal Al Dhiyebi, CEO, Aldar Properties said that recent government reforms, including the introduction of freehold title for foreign buyers within investment zones in Abu Dhabi, are enhancing the long-term attractiveness of the real estate sector.
Meanwhile, Aldar’s hospitality unit, within its asset management division, had a 94% increase in net operating income in Q1 2019. This was mainly driven by major events held in Abu Dhabi recently, including the Special Olympics. In March 2019, the division acquired full ownership of Etihad Plaza and Etihad Airways Centre in a non-cash transaction worth AED 1.2 billion. It also sold Al Murjan Tower for AED 289 million in the same period.
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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BA (Hons) DipM
Head of Marketing
Sarah-Jane joined Cavendish Maxwell in January 2020 as Head of Marketing and is responsible for the development of the marketing strategy and execution across the Middle East region. An energetic and results driven marketer, Sarah-Jane possesses a wealth of multi-channel marketing experience, within both B2B and B2C environments which she has gained over a 25 year career. Prior to joining Cavendish Maxwell, Sarah-Jane held senior marketing positions for major developers in Dubai including Emaar, Dubai Properties and Dubai Sports City. She also worked for IWG as the Regional Marketing Director responsible for the MEA and APAC regions. Before relocating to the UAE in 2005, Sarah-Jane held various management roles in public and private sector companies in the UK including ten years at Royal Mail and seven years at the Bank of America.
Sarah-Jane is a member of the Chartered Institute of Marketing and has a BA(Hons) Degree in Business and Marketing