Aldar Partners with Expo City Dubai for $476M Multi-Use Development
Aldar, a real estate company based in the UAE, and Expo City Dubai have agreed to work together on a new project. This project will have multiple uses and is worth more than $476.4 million (AED 1.75 billion), according to a statement released on Thursday.
Real-Estate Project Summary
- This real estate project will involve building six buildings that will have homes, offices, and shops, as mentioned in a filing with the Abu Dhabi Securities Exchange (ADX).
- The new development will be near Al Maktoum International Airport and the Dubai Exhibition Centre, and it will be connected to Dubai by highways and metro stations.
- The agreement states that both parties will equally own 50% of the project.
- The total area for the homes, offices, and shops will be 103,000 square meters.
- Aldar will manage the development once it is completed.
- Aldar and Expo City Dubai are working together on this project as part of a $2.7 billion plan to make the area a better place for business and living.
- The new Dubai 2040 Urban Master Plan aims to improve Expo City Dubai’s reputation as a great place to host large international events, such as the 2020 World Expo and the United Nations Climate Change Conference (COP28) held last December.
Key Quotes
Aldar Group CEO Talal Al Dhiyebi said, “We are creating a space for people and businesses to thrive, providing high-quality residential, commercial, and retail areas that complement world-class conference and exhibition venues. The Expo City area is developing quickly due to its excellent infrastructure and location near Dubai’s main trade and transport hubs.”
Financial Performance
Aldar reported a 57% increase in its net profit to $898.5 million (AED 3.3 billion) in the first half of 2024, due to a big rise in revenue.
The company’s revenue increased by 73% compared to last year, reaching $2.9 billion (AED 10.9 billion), while its earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 61% to $1.1 billion (AED 3.9 billion).
Published: 10 October 2024
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