Aldar plans to start 12 new projects this year amid UAE property market recovery

Aldar plans to start 12 new projects this year amid UAE property market recovery

Aldar Properties,​​​​​​​ Abu Dhabi’s biggest listed developer, plans to launch a dozen new projects this year amid the UAE’s property market recovery and will continue to look for acquisitions to boost its portfolio, according to a senior company executive.

The developer will start one new project in Ras Al Khaimah and the rest will be in Abu Dhabi, Jonathan Emery, chief executive of Aldar Development, told The National in an interview on the sidelines of Abu Dhabi Sustainability Week on Tuesday.

Last year, Aldar bought a 40,000-square-metre plot on Al Marjan Island in Ras Al Khaimah to build its first residential community in the emirate as part of its expansion plans beyond Abu Dhabi.

“We are talking of tens [of] billions [of dirhams] ... [That] will be the total value of projects and they will be launched in different phases,” Mr Emery said.

The UAE property market has continued to recover from the coronavirus pandemic on the back of government initiatives, higher oil prices and other measures to support the economy.

Property transactions in Dubai and Abu Dhabi surged last year amid higher demand from buyers.

The performance of the Dubai property market last year was described as "exceptional" by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, as the value of deals reached a new high of Dh528 billion ($143.7 billion).

The value of transactions was up 76.5 per cent annually, while the number of transactions, at 122,658, rose 44.7 per cent year on year, a Dubai Media Office statement said this week.