Aldar's new concentration: retail, homes and hospitality

17.09.2014
Aldar Properties to undertake different projects in retail, residential, and hotels in Abu Dhabi and other parts of the Emirates over the next five years. This decision is influenced by improved tourism and increased demand for businesses and residential spaces. With the economy flourishing in the UAE, Aldar Properties has announced to spread out its undertakings to retail, residential and hotels in the coming five years, reported by The National.
Tala Al Dhiyebi, the executive director of asset management at Aldar, stated that the company is currently working on 23 projects, which include lease and sale of residential property, retail spaces and construction of hotels across the Emirates. However, he mentioned that the majority of Aldar’s land bank exists within Abu Dhabi.
Aldar recognized for its seven hotels on Yas Island, is now evaluating possibilities for hotels and resorts in the Western region and Al-Ain. This decision is based on the performance of Abu-Dhabi’s hospitality industry and increased tourists. “The market is picking up in a healthy and sustainable manner”, businesses are growing, tourism is flourishing and the demand for residential and retail sectors is increasing, said Mr Al Dhiyebi.
Aldar has recently leased 75% of its 1,200 units it had for recurring investment at its Gate Towers development.  At the same time, the company is gearing for the opening of its 2.5 million square feet Yas Mall this November. It has already been successful in leasing out 95% of its 400 retail units. The Yas Mall is expected to stand out as a retail destination. Al Hadeel and Ansam, the first residential scheme on Yas Island was also initiated by the company at the start of the year.

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