Aldar’s Profits Surge 43% in 2024, Driven by Strong Real Estate Demand
Aldar Properties, Abu Dhabi’s leading publicly listed developer, reported a 43% increase in net profit for 2024, driven by a surge in sales to both international and local buyers. The company’s net profit attributable to equity holders reached Dh5.6 billion ($1.49 billion), according to its latest financial disclosure to the Abu Dhabi Securities Exchange.
The developer’s revenue and rental income for the year saw a substantial 62% growth, reaching Dh23 billion. Full-year sales hit a record Dh33.6 billion, reflecting a 20% increase from the previous year. Notably, sales to foreign and expatriate buyers in the UAE surged to Dh22.2 billion, accounting for 78% of total transactions—an increase from 66% in 2023. Aldar’s chairman, Mohamed Al Mubarak, attributed the company’s success to a robust domestic real estate sector supported by favourable government initiatives. He highlighted that policies, such as expanded residency programs and long-term visas, have enhanced the UAE’s appeal as a global investment hub for individuals and businesses.
Dubai’s property market also experienced substantial growth in 2024, recording real estate transactions worth Dh761 billion—20% higher than in 2023. The total number of transactions rose by 36% to 226,000. Meanwhile, Abu Dhabi’s total real estate transactions increased by 10% in value to Dh96.2 billion, with a 24% rise in deal volume, reaching 28,249 transactions. Faisal Falaknaz, Aldar’s Chief Financial and Sustainability Officer, stated that the company’s net profit has more than tripled since 2020, with return on equity doubling to 16.1%. He also noted that Aldar’s total assets have expanded from Dh73 billion in 2023 to nearly Dh86 billion by the end of 2024.
Looking ahead, Aldar plans to continue its growth strategy with multiple new developments in Abu Dhabi, including projects on Al Fahid Island, Yas Island, and Saadiyat Island. Additionally, a large-scale project in Dubai is set to launch in the first quarter of 2025. The company introduced 12 new projects in 2024 alone. In 2023, Aldar acquired Al Fahid Island, a 3.4 million square meter land bank, for Dh2.5 billion, further expanding its development portfolio. The company remains optimistic about the real estate outlook in both Abu Dhabi and Dubai, with an active pipeline of projects for the coming year.
Aldar’s operations remain heavily concentrated in the UAE, accounting for 80% of its business. However, it is also exploring opportunities in international markets, including Saudi Arabia, Egypt, and the UK. The developer’s subsidiary, London Square, saw sales totalling Dh1.7 billion in 2024, while its Egyptian arm, Sodic, recorded sales of Dh3.5 billion. The company’s strategy includes capitalizing on existing international ventures, such as its acquisition of UK developer London Square for Dh1.07 billion in 2023. As Aldar continues to expand, its focus remains on strengthening its market position in the UAE while selectively pursuing international growth opportunities.