Aldar announced that record development sales and expanded investment portfolio drive the company’s 2023 net profit up 40 per cent to Dhs4.4 billion, compared to 2022.

In a statement, the Abu Dhabi-listed property giant, reported the highest-ever quarterly development sales of Dhs8.5 billion in Q4, with full-year sales hitting a record Dhs27.9 billion.Development revenue backlog doubled to Dhs36.8 billion, providing strong income visibility over the next 2-3 years. A total of 14 new project were launched with successful entry into Dubai and Ras Al Khaimah markets complementing the company’s already dominant position in the emirate of Abu Dhabi.

The company also saw strong demand from end-users and investors, with overseas and resident expat buyers accounting for 66 per cent (Dhs16 billion) of UAE sales.Aldar Investment recorded 40 per cent revenue growth driven by recent acquisitions, active asset management, and strong operational performance across the business, according to the statement.

Commenting on the company’s finanial results, Mohamed Kkalifa Al Mubarak, Chairman of Aldar, said: “The strength of the UAE economy, driven by a thriving business-friendly environment, continues to provide conducive conditions for the real estate market. Leveraging its unique platform, Aldar accelerated its transformative growth trajectory in 2023 to deliver remarkable earnings growth, with an intensive programme of new development launches and the enhanced performance of its recurring income portfolio.”

“By further capitalising on secular trends and the transition to a net-zero economy, we look forward to continuing to play a central role in the UAE’s dynamic socio-economic development and the growth of its real estate sector in the coming years,” he added.

Talal AL Dhiyebi, Group CEO, added: “Aldar is transforming into a world-class industry heavyweight, operating at a significantly elevated scale.”