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Aldar rules out government aid

By Haseeb Haider  www.khaleejtimes.com

Abu Dhabi’s biggest developer Aldar Properties does not need financial support from the government of Abu Dhabi, a top official said.

Aldar“We are in a stable condition, I don’t think there will be a need,”  Chief Executive Officer Sami Asad told reporters on the sidelines of the Arabian World Construction Summit here in 
the capital.

He said: “Financially, we’re quite good.” In January, Aldar recognised a Dh10.5 billion impairment charge relating to the value of its assets.

The developer announced a number of financial steps including the transfer of certain infrastructure assets on Yas Island that included Ferrari World Abu Dhabi Theme Park, roads, bridges, marine infrastructure and land for
 Dh10.9 billion.

Other measures included placement of a convertible bond worth Dh2.8 billion with Mubadala Development Company and sale of housing units and land for Dh5.5 billion to the Government of Abu Dhabi.

The property firm returned to profit in the first quarter of the year when it earned Dh189.1 million over a net loss of Dh314.2 million. The revenue rose to Dh784.7 million in the quarter ending 31 March on Dh227 million, in the same period last year.

The chief executive officer said “Aldar will deliver over 2,500 units this year in the Al Muneera and Al Zeina developments.

Other deliveries include 150 car show rooms at Motor World and one commercial tower in Al Muneera project on Raha Beach. Aldar’s diverse portfolio includes commercial developments such as Central Market, Al Raha Beach, Yas Island ,including Yas Mall and Yas Hotel, Head Quarter, and Al Bateen Park, and government projects such as the Al Falah Emirati housing project.

In addition, the company continues to deliver major infrastructure works, as well as significant projects on behalf of Abu Dhabi companies such as Mubadala.

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