Aldar Properties PJSC (ALDAR) has reported a record net profit of AED 6.5 billion for the fiscal year 2024, marking a 47% year-over-year increase. The strong performance was fueled by a combination of robust real estate development sales, strategic investments, and an expanding international footprint.
Record-Setting Development Sales and Project Expansions
Aldar achieved its highest-ever development sales in 2024, reaching AED 33.6 billion, a 20% year-over-year increase. This surge was driven by strong demand for both newly launched projects and existing inventory. Over the year, the company launched 12 new projects, including key developments in Abu Dhabi such as Mamsha Palm, Faya Al Saadiyat, Mandarin Oriental Residences, and Mamsha Gardens.
The company also reported an increasingly diversified development backlog, which reached a record AED 54.6 billion, with UAE projects accounting for AED 45.9 billion. This backlog provides revenue visibility for the next two to three years.
Internationally, Aldar’s subsidiary SODIC in Egypt successfully launched the Ogami project, while its UK subsidiary, London Square, introduced four new developments and acquired 13 sites during the year.
Rising Appeal Among International Buyers
Aldar’s real estate offerings continued to attract significant interest from international investors and expatriate residents. Sales to overseas and expatriate buyers in the UAE rose to AED 22.2 billion, accounting for 78% of total sales, up from 66% in 2023.
Investment Growth and Diversification
Aldar Investment, the company’s asset management arm, continued its expansion, with full-year adjusted EBITDA rising 20% year-over-year to AED 2.7 billion. The company’s assets under management (AUM) also increased to AED 42 billion, reinforcing its position as a key player in the regional real estate investment market.
Aldar’s investment properties portfolio delivered strong performance, with high occupancy rates and robust rental yields. The company’s develop-to-hold pipeline expanded to AED 13.3 billion, further strengthening its long-term revenue prospects.
Strengthening Financial Position and Capital Flexibility
Aldar bolstered its financial resilience through a series of strategic capital initiatives, including securing a new AED 9.0 billion revolving credit facility, issuing AED 3.7 billion (USD 1 billion) in hybrid notes, and finalizing an AED 1.84 billion (USD 500 million) hybrid capital solution from Apollo Global Management in early 2025.
With AED 10.5 billion in free and unrestricted cash and AED 8.1 billion in undrawn committed credit facilities at year-end 2024, Aldar maintains significant liquidity to support its future growth plans.
Additionally, Moody’s reaffirmed Aldar’s Baa2 credit rating and Aldar Investment Properties’ Baa1 credit rating, both with stable outlooks.
Dividend Growth and Shareholder Returns
Reflecting its strong financial performance, Aldar’s Board of Directors has recommended a dividend of AED 0.185 per share, an increase of 8.8% from the previous year, translating to a total shareholder payout of AED 1.45 billion in 2024.
Operational Highlights Across Business Segments
Aldar Development
Aldar Development, which oversees the company’s property development and sales, project management services, and international operations, posted significant growth:
- Full-year revenue increased 90% year-over-year to AED 15.7 billion, while EBITDA rose 75% to AED 4.3 billion.
- Total UAE sales reached AED 28.3 billion, up 17%, with a growing share of international buyers.
- International business growth: SODIC contributed AED 701 million (EGP 8.6 billion) in revenue, while London Square added AED 995.5 million (GBP 213 million).
- Record backlog: The UAE revenue backlog stood at AED 45.9 billion, providing strong visibility for future revenues.
Aldar Investment
Aldar Investment, which manages a diversified portfolio of assets across retail, residential, commercial, hospitality, education, and logistics, saw continued expansion:
- Full-year revenue rose 21% to AED 7.0 billion, while adjusted EBITDA grew 20% to AED 2.7 billion.
- Investment properties delivered strong returns, with 95% occupancy across the portfolio and an increase in rental rates.
- Retail performance was bolstered by Yas Mall’s 99% occupancy, a 10% increase in tenant sales, and an 18% rise in footfall.
- Commercial portfolio expansion included new acquisitions in Dubai, making Aldar the only developer with commercial assets in both Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC).
Aldar Hospitality, Education, and Estates
- Hospitality portfolio achieved 73% occupancy, with a 9% increase in revenue per available room.
- Aldar Education saw a 12% rise in new student enrollments, with total students reaching 37,000 across 31 schools.
- Aldar Estates expanded significantly, now managing over 155,000 residential units and 2 million sqm of gross leasable area.
Strategic Partnerships and Market Expansion
Aldar continued to strengthen its strategic alliances in 2024. Key partnerships included:
- The Mubadala joint venture, covering luxury developments on an island adjacent to Saadiyat Island, income-generating assets in Masdar City, and a Grade A logistics park in Al Falah.
- A strategic partnership with DP World to develop a Grade A logistics park in Jebel Ali.
- Expansion into Dubai’s commercial sector, including a landmark AED 2.3 billion commercial tower acquisition in DIFC.
Digital Transformation and ESG Commitment
Aldar made significant strides in digital adoption, with its platforms attracting 4.2 million visits in 2024, and over 70% of customer transactions completed via the Live Aldar App.
The company also reinforced its commitment to environmental, social, and governance (ESG) principles:
- Energy efficiency: A 4% reduction in energy use and 7% reduction in water consumption across its asset portfolio.
- Sustainability certifications: 100% of new developments achieved at least a 2-Star Fitwel rating, while 16 existing assets received LEED certification.
- Social impact: AED 18 million invested in community initiatives, with strong progress on Emiratisation, as UAE nationals now make up 43% of the workforce.
Outlook for 2025
Looking ahead, Aldar remains focused on expanding its development and investment platforms across key geographies. The company plans to deliver its first residential and retail projects in Saadiyat Cultural District, contributing to Abu Dhabi’s position as a global hub for arts and culture.
With a robust financial foundation, growing international presence, and strategic partnerships, Aldar is well-positioned to capitalize on emerging opportunities and deliver long-term value for stakeholders.
H.E. MOHAMED KHALIFA AL MUBARAK, CHAIRMAN OF ALDAR PROPERTIES
“During 2024, Aldar delivered exceptional operational and financial performance against the backdrop of a thriving domestic real estate market, which is being enabled by government policies that ensure the UAE is one of the world’s most attractive destinations for both individuals and businesses to call home. Aldar Group sales increased 20% to a record high of AED 33.6 billion, largely driven by exceptional demand for our residential developments in key UAE destinations.
In 2025, we will deliver our first residential and retail concepts in Saadiyat Cultural District, which will be a milestone moment for Aldar as we contribute to Abu Dhabi’s position as a global capital of arts and culture. We believe that new development launches across geographies and the expansion of our recurring income portfolio will fuel our growth in the year ahead.”
TALAL AL DHIYEBI, GROUP CHIEF EXECUTIVE OFFICER OF ALDAR
“Aldar has delivered unprecedented growth in 2024 with the expansion of our development and investment platforms resulting in net profit more than doubling in the past two years. Group sales have more than doubled during this period, while our development revenue backlog has increased three-fold to AED 55 billion. At the same time, the value of our investment properties portfolio has grown considerably to AED 42 billion.
We continue to reshape our business with an uncompromising focus on customer experience, while investing in new technology and forming world-class partnerships to unlock new opportunities. With a strong financial foundation and a clear growth strategy, Aldar is well-positioned to capitalise on opportunities across priority geographies to create further value and sustainable returns for our stakeholders.”
About Aldar Properties
Aldar Properties is the leading real estate developer, investor, and asset manager in Abu Dhabi, with a growing presence across the UAE, MENA region, and Europe. Its core business segments include Aldar Development, which oversees property development, project management, and international operations, and Aldar Investment, which manages a portfolio of income-generating assets across residential, retail, commercial, hospitality, education, and logistics.
