Aldar Profits Skyrocket 41% to AED 3.6 Billion on Record-Breaking Sales

Abu Dhabi's real estate titan, Aldar Properties, has reported a period of extraordinary growth, with net profits soaring by an impressive 41% to reach AED 3.6 billion ($980 million) in the first nine months of 2023. This stellar performance was driven by a monumental surge in property sales, which more than doubled to hit a record-breaking AED 27.8 billion ($7.6 billion).

This massive 138% year-on-year increase in sales has swelled the company's revenue backlog to an unprecedented AED 32.7 billion ($8.9 billion), securing a robust pipeline of future income and cementing Aldar's position as a dominant force in the UAE's property market.

This "transformational growth" is powered by a successful dual-engine strategy. Aldar's development arm has been firing on all cylinders, capitalizing on strong demand for existing inventory and launching a series of highly successful new projects, not just in its home base of Abu Dhabi but also through strategic expansions into Dubai and Ras Al Khaimah.

Simultaneously, Aldar's investment property portfolio which includes its prime retail, commercial, and hospitality assets continues to deliver strong, stable recurring income, providing a solid financial foundation for the company's ambitious growth plans. This balanced approach ensures both immediate success and long-term sustainability, making Aldar a benchmark for excellence in the region's real estate sector.