By: Ramy Sameeh
Abu Dhabi – Mubasher: Aldar Properties targets to increase its net operating income to AED 2.2 billion ($599 million) by the end of 2020 from AED 1.6 billion in 2016, according to chairman Abubaker Seddiq Al Khoori.
The company generated net profits of AED 2.8 billion in 2016, down 8% from AED 2.6 billion in 2015.
The company has a good financial position, Al Khoori said on the sidelines of the firm's annual general meeting (AGM) on Monday.
Aldar reduced debts from AED 13.5 billion in 2013 to AED 5.6 billion by the end of 2016, and increased liquidity to AED 6.7 billion to date.
Abu Dhabi’s real estate sector is in a good position, encouraging the company to pump more investments and consider new investments, Al Khoori noted.
The company is currently considering many acquisitions in the UAE, he said, adding "we will target any project with a good return".
Aldar will invest AED 1.9 billon in recurring revenue assets on Yas and Reem Islands.
“We will work on a number of projects for middle-income class, in addition to other entertainment, hospitality, and retail projects,” the chairman added.
All projects are expected to start construction this year, with a plan to be completed during 2019 and 2020, Al Khoori said.
The projects include 600 mid-market residential units in Al Reem Island, Shams Marina, Yas Mall hotel, Yas Island, and Retail Park in Yas Island.
Shams Marina will comprise 329 marina residences, 192 serviced apartments, and a four-star hotel with 262 keys.
The Yas Mall hotel will have 349 keys, of which 70 will be serviced apartments.
Translated by: Julian Nabil
