Asset formula

Aldar plans $1.36 billion in asset acquisitions to drive growth

DUBAI: Abu Dhabi’s Aldar Properties plans to spend at least five billion dirhams ($1.36 billion) this year to acquire retail and education assets that generate recurring revenue, its financial director.

Aldar, which counts Abu Dhabi’s state-owned fund Mubadala as a key investor, said this month it bought a shopping center in Ras Al Khaimah in the UAE for 410 million dirhams.

“We would seek to modestly leverage anything we engage in, but we want to deploy our 5 billion dirham excess capital…as quickly as possible,” Chief Financial and Sustainability Officer Greg Fewer said during the interview. a call with reporters.

“We see the richest pipeline in recurring revenue assets,” he said, and this Abu Dhabi Formula 1 race track developer was also interested in residential and commercial real estate.

Less did not specify where the investments would be made, but that Aldar was focusing on the United Arab Emirates, Egypt and Saudi Arabia.

Aldar previously reported full-year profit up 21% year-on-year to 2.33 billion dirhams, with revenue up 2% to 8.6 billion dirhams.

The results exclude those of Egyptian developer SODIC, which was acquired late last year by a consortium including Aldar, the Abu Dhabi-based company said.

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