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Abu Dhabi’s Aldar posts $129.4m Q2 net loss
The company said first-half loss was AED789.5m after a profit of AED1.14bn a year earlier. “The decrease was principally due to lower property sales recognised,” Aldar said in an e-mailed statement. “The second half of this financial year is expected to be different due to the revenue generated from the delivery of Aldar’s projects at Al Raha Beach and Al Gurm.”
UAE tops US$ 1.3 trillion GCC construction market with growth expected in 2011
The five are the US$ 40 billion development of the Capital District situated between Abu Dhabi International airport and Mohammed bin Zayed City, the US$ 37 billion Yas Island development, the US$ 27.5 billion development of Sadiyat Island, the US$ 22 billion creation of the Masdar sustainable city, the US$ 15 billion development of Al Raha Beach and the US$ 12 billion Road Transport Authority project to construct 500 km of roads.
Abu Dhabi property market continues to cool
In terms of new property, most of the high-end supply will be concentrated on Reem Island and Al Raha Beach, with mid-end supply coming up on the Abu Dhabi Main Island and more affordable lower end stock on the mainland, which includes the first phase of Al Reef Downtown.
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Laing O’Rourke to close Mideast division
However, it was confirmed that Laing O’Rourke will maintain its relationship with Aldar, with whom it is working on the AED54bn ($14.7bn) Al Raha beach project.
Rubber World Industries inks exclusive distribution deal with Dubai-based HVAC Company ‘Leminar’
Among the latest developments where the company’s insulation products has been utilised include the prestigious ‘Al Raha Beach’ development, ‘Saadiyat Island’ project and ‘Yas Island’ in Abu Dhabi.
Aldar reveals Cityscape Abu Dhabi focus
Al Bandar will be the first residential element to be delivered within Al Raha Beach,Aldar’s waterfront development which will provide a vibrant and diverse mix of communities as well as business, retail and leisure. A very limited number of homes at Al Bandar will be made available to the public at Cityscape.
Abu Dhabi Rent Drop Hinges on New Supply
“This phase will start in Q4-2010 and Q1-2011 when the new law will take effect. At this time more of the newly developed supply will be readily available throughout Abu Dhabi and specifically in the freehold areas like Al Reem Island and Al Raha Beach,” said Downs.
