Abu Dhabi-based real estate developer Aldar Properties plans to invest AED 1.9 bn (USD 517 mn) in recurring revenue assets on its Yas and Reem Island projects in the UAE, Invest-Gate reports. The investments comprise mid-market residential, hospitality and leisure, and retail assets on the islands.
“The investments we are making meet our twin objectives of providing the market with the right products at the right time, whilst increasing our ability to grow long-term recurring revenues,” says CEO of Aldar Properties Mohamed Khalifa Al Mubarak.
Aldar is scheduled to start construction works on the projects this year, which would be concluded between 2019 and 2020.
“We believe that the underlying fundamentals of Abu Dhabi’s economy provide a strong and supportive investment climate, thereby providing us with a solid platform for continued growth,” Al Mubarak says.