UAE’s Aldar Properties Mulls Investments in Egypt

UAE’s Aldar Properties Mulls Investments in Egypt

Abu Dhabi’s listed real estate developer Aldar Properties seeks to tap into Egypt’s real estate market, as part of its regional expansion plans, Bloomberg reports.

“The Egyptian real estate market is another very attractive market we are looking into,” CEO of Aldar Properties Talal Al Dhiyabi told Bloomberg TV on August 8, noting that the company also eyes possible investments in Saudi Arabia, though no decision has been made yet.

Aldar Properties posted a 15% year-on-year hike in revenues to AED 3.42 bn (EGP 15.4 bn) from AED 2.98 bn (EGP 13.45 bn) in H1 2019, “driven by activity on key developments under construction,” according to its latest financial statement.

“There is an upswing in sentiment towards Abu Dhabi’s real estate market with the recent announcement of our AED 9 bn [EGP 40.62 bn] worth of development projects since the start of 2019,” Al Dhiyabi was quoted saying.

“This is reflected in our strong performance for the period, underpinned by near AED 2 bn in off-plan sales. Also, we are investing wisely, extracting more value from our investment portfolio, which is contributing to our growth. The wheels of change are in motion and Aldar is well-positioned and well-funded to capitalize on emerging opportunities,” he elaborated.


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