Arab realty giant Aldar Properties creates a billion-dollar investment firm
United Arab Emirates (UAE) real estate developer Aldar Properties is spinning off its investment division to create a subsidiary with around $5.4 billion worth of iconic property assets.
“It’s another extremely exciting day in the Aldar story, we’re launching Aldar Investments, the region’s largest and most diversified investment company,” Aldar Properties Chief Executive Talal Al Dhiyebi told.
“A lot of people still look at Aldar as a development company but today we’re much more balanced, 50 percent of our income comes from the development business — that’s the typical homebuilder and ‘build to sell’ developer — and then on the asset management side we have quite a diverse portfolio of assets,” he said.
He said the firm were “spinning off” the investment company with 20 billion United Arab Emirates (UAE) dirhams ($5.4 billion) worth of assets in residential, commercial, retail and hospitality. This includes some “trophy assets” such as Yas Mall, The Gate Towers and Arc.