UAE-based Aldar Properties has registered a AED2.33 billion ($603 million) net profit for 2021, up 21 per cent year-on-year, driven by the strong performance of Aldar Development business and growth in Aldar Investment’s recurring income portfolio.
Aldar Properties said it has made its first investment in Ras Al Khaimah, through one of its key subsidiaries - Aldar Investment - by acquiring the 27,000-sq-m retail destination Al Hamra Mall from its RAK developer for AED410 million ($111 million).
Aldar has secured development rights for an extra 11,200 sq m of gross floor area, with an option to acquire an additional 7,400 sq m for retail and commercial use