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Developer Aldar Properties expects its fee-based revenue to increase as it expands its asset management business amid growing profitability.
The company manages about Dh2 billion in assets owned by third parties and is “taking on more asset management” projects, chief executive Talal Al Dhiyebi told Bloomberg TV yesterday.
Aldar Development, the unit responsible for developing its 7,500-hectare land bank in Abu Dhabi, also reported strong growth.
“Our development unit, which is normally more cyclical compared to our asset management [business], right now gives a very strong recurring income,” said Mr Al Dhiyebi.
He said cash collection for the developer remained strong.