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Abu Dhabi, Dubai villa rents witness slight increase in Q1
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Market rental rates of villas in Dubai and Abu Dhabi very strong
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Aldar Q1 net profit grows 80% to Dh544m on higher sales Filed on May 11, 2021
Talal Al Dhiyebi, Group Chief Executive Officer (CEO) of Aldar Properties.
One-off gain due to an earlier transaction with ADQ also boosts profit.
Abu Dhabi’s largest property developer Aldar on Tuesday said its net profit for the first quarter (Q1) of the financial year (FY) 2021 jumped 80 per cent to Dh544 million(m), as against Dh302m for the corresponding period last year on higher sales as well as a one-off gain related to the completion of the previously announced transaction with ADQ.
But if adjusted for the one-off gain related to the Abu Dhabi-based holding group ADQ s transaction, Aldar’s net profit was up 47 per cent year-on-year.
Aldar completes work on two new mosques in Abu Dhabi
ABU DHABI, 4 hours, 15 minutes ago Leading UAE developer Aldar Properties has announced that both Yas Acres Mosque and World Trade Centre Abu Dhabi Mosque will welcome their first worshippers during Ramadan. Yas Acres Mosque will open for Friday prayers on April 16, while the World Trade Centre Abu Dhabi Mosque will open on April 30. Located on the main avenue of Yas Acres, the new 3,300 sq m mosque will serve residents of the development, as well as the surrounding communities. Designed with a modern and functional style, Yas Acres Mosque will have capacity to welcome 2,450 worshippers, with separate facilities created for men and women. The mosque will also feature a library and a classroom for teaching of the Quran.
Aldar Investment unveils $136m Yas Mall revamp plan
ABU DHABI, 7 days ago Aldar Investment, a real estate investment unit of UAE developer Aldar, has announced a AED500 million ($136 million) redevelopment plan for its retail destination, Yas Mall to reinforce the asset’s position as the centrepiece of Yas Island, Abu Dhabi’s fast-growing residential and leisure hub. The substantial investment will enhance the customer journey by reimagining the mall’s spaces and introducing new innovative retail concepts, said the statement from Aldar. The redevelopment will add a total of 15,000 sqm of office space to Yas Mall. This includes the recently launched Cloud Spaces, a co-working space designed as a differentiated business concept, which marks the first milestone in the redevelopment.
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