Aldar Properties intends to boost its sales this year to around AED 31B ($8.4B) and is considering issuing benchmark green sukuk to support its growth and sustainability aims, a senior executive revealed.
One of the largest listed developers in Abu Dhabi, which achieved sales of nearly Dh28 billion last year, has profited from the flourishing UAE property market.
Most sales this year will originate from the UAE market, encompassing Abu Dhabi, Dubai, and Ras Al Khaimah, stated Faisal Falaknaz, chief financial and sustainability officer, in an interview with The National.
“Dubai and Ras Al Khaimah will play a bigger part of [total sales in the UAE] as we launched those developments towards the end of last year … this year, we’ll benefit fully from selling across all those master plans,” he remarked.
Additionally, Aldar plans to unveil new units for sale in Ras Al Khaimah and introduce a new master development in Dubai in the second quarter of this year, Mr. Falaknaz disclosed.
The company is collaborating on new projects in Dubai as part of a joint venture with Dubai Holding. Mr. Falaknaz expressed commitment to activating these plans promptly.
The recent merger of Nakheel and Meydan with Dubai Holding indicates the strength of Dubai’s real estate sector, Mr. Falaknaz noted.
The UAE has witnessed robust real estate activity due to its resilient economy supported by government diversification measures.
Aldar aspires to issue more green sukuk this year as part of its sustainability agenda after raising $500M through its debut green Islamic bond last year, according to The National News.
“We now have a green framework where we will target … more green financing across all our facilities,” Mr. Falaknaz stated.
The company is also progressing towards achieving net zero emissions by 2050 through various initiatives, including retrofitting buildings and using sustainable materials in construction.
Aldar plans to continue acquiring assets to expand its portfolio amid new opportunities.