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Aldar Q3 ’23 group sales rise 99%, marks highest ever quarterly sales

Group sales during the first nine months reached a record Dhs19.4bn, up 109 per cent on the back of 11 project launches year-to-date and strong demand for Abu Dhabi properties

by Gulf Business

October 30, 2023

Aldar Properties Q3 2023 highlights Image Aldar

Image: Aldar Properties

Aldar has revealed that its Q3 2023 revenue increased 18 per cent year-on-year (YoY) to Dhs1.9bn driven by accelerated construction progress, buoyant off-plan sales, and continued development backlog revenue recognition, with nine-month revenue increasing 12 per cent YoY to Dhs5.8bn.

Group sales in Q3 2023 reached Dhs7.8bn, a 99 per cent increase from the same period last year, marking Aldar’s highest-ever quarterly sales.

Group sales during the first nine months reached a record Dhs19.4bn, up 109 per cent on the back of 11 project launches year-to-date and strong demand for Abu Dhabi properties from a growing vein of international buyers.

Group revenue backlog reached a record Dhs29.1bn at the end of Q3, providing strong visibility on revenue across the UAE and Egypt operations over the next two or three years.

Aldar’s project management services backlog of Dhs59bn reflected the long-term and perpetual nature of the franchise, with Dhs3.8bn in new projects awarded during the first nine months of 2023.

During the quarter, the company entered into a strategic partnership with Nikki Beach to develop a luxury beachfront residential project on Al Marjan Island in Ras Al Khaimah.

Read: Aldar, Nikki Beach to collaborate on exclusive real estate project. Here are the details

In October 2023, Aldar further expanded its geographical reach with the launch of ‘Haven by Aldar’, the company’s first residential development in Dubai.

Mohamed Khalifa Al Mubarak, chairman of Aldar Properties, said: “Our home market, Abu Dhabi, is bolstered by a robust economy, and a regulatory environment that is conducive to business and investment. This positive backdrop has allowed Aldar to undertake a transformational growth journey, including entry into regional markets such as Egypt, Ras Al Khaimah and Dubai.

“Taking the next step in our growth trajectory, the company has devised a new strategy to take our expertise into select international markets, with a particular focus on Europe, which will allow us to build scale, diversify, and deliver sustainable growth. We aim to target investments that are core to our current operations and across high-growth real estate sectors in mature markets that are characterised by solid fundamentals, demographic shifts, digitised economies, and evolving consumer preferences.”

Aldar businesses

Comprising four segments representing over Dhs35bn of assets under management: Investment Properties houses Aldar’s core asset management business comprising prime real estate assets across retail, residential, commercial, and logistics segments.

Hospitality and leisure owns a portfolio of over 4,200 hotel keys and leisure assets principally located in Abu Dhabi and Ras Al Khaimah.

Aldar Education is the leading private education provider in Abu Dhabi with 31 owned and managed schools primarily across the UAE.

Principal Investment houses multiple businesses, including Aldar Estates, the region’s largest integrated property and facilities management platform.