Aldar Properties
Real estate development, management and investment company From Wikipedia, the free encyclopedia
Real estate development, management and investment company From Wikipedia, the free encyclopedia
Aldar Properties PJSC (Arabic: شركة الدار العقارية Sharikah al-Dār al-`Iqāriyyah) is a real estate development company owned by the Abu Dhabi government and with headquarters in Abu Dhabi, United Arab Emirates.[4] The company's shares are traded on the Abu Dhabi Securities Exchange. The largest shareholder of Aldar is Mubadala, the UAE sovereign wealth fund.[5][6]
| |
Native name | شركة الدار العقارية |
|---|---|
| Company type | Public |
| Industry | Real estate |
| Founded | 12 January 2004 |
| Headquarters | Abu Dhabi, UAE |
Area served | Abu Dhabi |
| Revenue | AED AED 8.58 billion (2021) |
| AED 2.33 billion (2021) | |
| Total assets | AED 41.1 billion (2021) |
| Total equity | AED 40 billion (2020) |
Number of employees | 500 |
| Website | www |
| Footnotes / references [1][2][3] | |
Aldar's projects within the Abu Dhabi Emirate include Al Raha Beach, Al Raha Gardens, the Abu Dhabi Central Market (Souq) and Al Mamoura, as well as Yas Island which includes the Yas Marina Circuit, Ferrari World and Yas Hotel Abu Dhabi.[7]
Aldar was founded on 12 January 2004.[8] The shares were listed in 2005.
In Astana, Kazakhstan, Aldar was a partner in the develop of the Palace of Peace and Reconciliation and the Khan Shatyr Entertainment Center.[9]: 20
The company's credit rating was downgraded to "junk" in 2010.[10] The company received a $5.2 billion bailout by the Abu Dhabi government in 2011.[11][12] In 2012, Reuters reported on suspicious stock exchange patterns during the announcement of a state-backed merger of Aldar and Sorouth Real Estate.[13] In 2013 the company merged with Sorouh Real Estate.[14] The combined entity continues to operate under the Aldar name.
In December 2017, Aldar acquired the International Tower in Abu Dhabi.[15] In March 2018, Aldar announced a ″strategic partnership″ with Emaar, a leading developer from Dubai.[16] Aldar and Dubai Holding have partnered to develop projects in Dubai in 2023.[17]
In 2023 Aldar Properties announced it had acquired United Kingdom property developers London Square in a deal worth £230m (AED 1.07bn).[18] The deal was finalised in December 2023, making London Square a wholly owned subsidiary of Aldar.
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