Aldar to set up 23 new projects

Abu Dhabi-based Aldar Properties, one of the Middle East’s largest developers, is planning to build 23 new real estate projects in the next three to five years, the company’s chairman said in press comments published on Wednesday.

Abu Baker Al Khouri said three projects worth around Dh5 billion ($1.36 billion) are under construction including Al Hadeel residential project on Al Raha beach just outside Abu Dhabi city, Nareel Island land project just off Abu Dhabi beach and Ansam houses on Yas Island adjoining the city.

In an interview with the London-based Saudi Arabic language daily 'Asharqalawsat', Al Khouri said all the projects target Abu Dhabi emirate adding that the company has no plans to invest abroad in the coming period.

“We have plans to build 23 new projects. We launched three projects this year and expect to start 20 others within the next three to five years,” he said.

“We have drawn up these plans, buoyed by a strong financial position. The company enjoys high liquidity, which peaked at Dh3.8 billion (USD one billion) in May.”

Al Khouri said most of the units in the three projects had been sold on the map and that work on them would begin in 2015, adding that they would be completed within a maximum period of five years.

He said Aldar, which merged with Abu Dhabi-based Sorouh in June 2013, has the largest investment portfolio in the UAE, controlling property of more than 77 million square metres.

“Nearly 90% of the property is located inside investment areas in Abu Dhabi. We are studying a number of development projects within this property as part of a development blueprint stretching for years,” he said.

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