Abu Dhabi developer Aldar reports $520m first quarter profit

Aldar Properties, Abu Dhabi’s largest real estate developer, has reported a rise in first-quarter profits driven by sales to international buyers.

Net profit after tax increased 22 percent year on year to AED1.9 billion ($520 million). Revenue was up 39 percent to AED7.8 billion.

Overseas investors and expatriates living in the UAE accounted for AED7.4 billion – or 87 percent – of UAE sales, Aldar said on Tuesday.

The sales total of AED8.4 billion was 38 percent higher than in Q1 2024, on the back of “strong demand for both new launches and existing developments”.

“Overseas buyers represented 30 percent of total UAE sales and resident expats represented 57 percent,” Faisal Falaknaz, Aldar’s chief finance and sustainability officer, said in a media briefing on Tuesday.

Egyptian subsidiary Sodic contributed AED172 million to the group in the first quarter and London Square added AED135 million.

Falaknaz said new US tariffs had not had an impact on Aldar sales.

“It’s business as usual, whether on the collection side or the sales side. The most important thing to emphasise is the story continues to remain the same,” he said.

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The company’s global international sales network focuses on selling in countries that are not backed to the dollar, he added.

The value of Abu Dhabi property surged in the first quarter, the Abu Dhabi Real Estate Centre said on Monday. Deal value has increased by about a third to AED25 billion across 6,896 transactions.

Aldar’s share price is up 10 percent so far this year to AED8.32.