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Aldar Properties to invest Dh5 billion in developing new assets in Abu Dhabi

New assets will be delivered between 2025 and 2027

Published: Tue 6 Feb 2024, 7:06 PM

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A masterplan of Saadiyat Grove. — Supplied photo

A masterplan of Saadiyat Grove. — Supplied photo

Aldar Properties will invest Dh5 billion to deliver new commercial, retail, and hospitality assets in key destinations of Abu Dhabi.

The new assets, which will be held in the company’s investment portfolio, will be delivered in a phased manner between 2025 and 2027. Through these projects, the Abu Dhabi-headquartered real estate firm seeks to develop a range of income-generating assets.

“Aldar is driving rapid expansion of its high-value asset portfolio through a disciplined acquisition and develop-and-hold approach, to significantly increase recurring-income streams and long-term capital appreciation,” Talal Al Dhiyebi, group CEO of Aldar Properties, said.

“Our teams are creating substantial value across the real estate spectrum, leveraging our strengths in master planning and development, through to leasing and active asset management. This integrated business model is ratcheting up growth across our core UAE businesses, driven by strong demand for premium real estate.”

Projects on three destinations

The new projects will include a 12-storey office tower, which is under development next to the Yas Plaza Hotels on Yas Island. — Supplied photo

The new projects will include a 12-storey office tower, which is under development next to the Yas Plaza Hotels on Yas Island. — Supplied photo

Driven by the strong demand for office spaces in Abu Dhabi, the investment will see Aldar develop new commercial assets across three key destinations Yas Island, Saadiyat Island, and Al Maryah Island.

The new projects will include a 12-storey office tower, which is under development next to the Yas Plaza Hotels on Yas Island and is expected to be handed over in 2025. The development has 25,000sqm of new leasable area, inclusive of retail space.

On Saadiyat Island, a business park featuring four Grade A commercial office buildings will come up with about 26,000sqm of new leasable area at Saadiyat Grove, an integrated mixed-use development. It is set for completion in 2027.

In the financial district on Al Maryah Island, Aldar will further extend its partnership with Mubadala with the addition of a second Grade A commercial tower that will be added to the site of the 37-storey office building announced last year. Once completed by 2027, this project with a new leasable area of 98,000sqm will cater to the growing demand for office spaces within Abu Dhabi Global Market (ADGM). The expansion within the financial district follows Aldar’s acquisition of the four ADGM towers and Al Maryah Tower in 2022.

In total, the new assets on the three destinations will increase Aldar’s commercial net leasable area by 31 per cent to 549,000sqm. Occupancy across the company’s commercial property portfolio stands at 95 per cent, with a rapid increase in occupancy registered at the four ADGM towers, standing at 96 per cent at the end of 2023.

Retail community assets

Aldar is developing 78,000sqm of net leasable area at Saadiyat Grove, including a central shopping destination. — Supplied photo

Aldar is developing 78,000sqm of net leasable area at Saadiyat Grove, including a central shopping destination. — Supplied photo

On the retail side, Aldar is developing 78,000sqm of net leasable area at Saadiyat Grove, including a central shopping destination, two retail boulevards, and community retail spaces. It will develop retail community assets in other areas, including Saadiyat Lagoons, Noya, and Yas Golf Collection.

Within the Aldar hospitality portfolio, the company will develop and manage the new Nobu-branded hotel on Saadiyat Island, with a completion date in the second quarter of 2027. The 127-key hotel will feature luxurious guest rooms, deluxe suites, a destination Nobu restaurant and a rooftop bar.

Once the office and retail assets are completed, they will be part of the Aldar Investment Properties (AIP) portfolio, which houses the company’s Dh25 billion income-generating real estate assets.



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