August 13, 2022

Dubai Week

Complete Dubai News World

Alpha Abu Dhabi Holding becomes the parent company of Altar Properties

Alpha Abu Dhabi Holding becomes the parent company of Altar Properties

Abu Dhabi (Union) Alpha Abu Dhabi Holding Company announced the increase in its stake in Aldar Properties, thereby becoming the parent company of Aldar Properties and confirming its position as the company’s largest strategic partner. Under the transaction, Alpha Abu Dhabi Holding increased its stake in Aldar Properties, resulting in its current representation at the board level becoming the majority representative in the latter group. Aldar Properties will become a subsidiary of Alpha Abu Dhabi as its financial statements will be fully integrated with the holding company in accordance with accounting standards, which will be reflected in Alpha Abu Dhabi’s financial decisions from the second quarter of 2022. The increase in Alpha Abu Dhabi’s stake in Aldar Properties came as a result of the acquisition of a company that already holds a stake in Aldar Properties and was exempted from compliance with regulatory procedures in this regard.

Hamad Al Ameri, Engineer, CEO, Alpha Abu Dhabi Holdings, said: “We believe that Alder has the potential for great growth with the unique vision and ambitious strategy that we always support, and that it moves confidently from one achievement to another. Continue the goal of continued growth and expansion throughout its portfolio. As a long-term strategic contributor, Alpha Abu Dhabi will continue to support the role of Aldar’s Board of Directors in translating the goals of the company’s transformative development plan.

Al-Ameri added: “The macroeconomic environment in the United Arab Emirates in particular and the region in general are enjoying strong growth opportunities, with sustained economic growth supported by high oil prices. The space has strengthened its position as a result of increased demand in the real estate market, and as a result we have seen greater interest in real estate properties across the emirate as it is the main market for the home, and in addition to the newly entered new markets including Egypt, the leading real estate developer in the UAE and Managing company Aldar Properties has been recording exceptional financial performance and generating strong returns for shareholders as Aldar continues to advance with its transformative growth plan, which will allow it to enter new markets. This is evident in itself and in expanding its asset segment to include other categories and growing within its core markets over the past 12 months.

See also  Japanese stocks fell on US-China tensions

It should be noted that Aldar Properties recorded the highest annual sales in its history in 2021, doubling previous year sales and is in the process of expanding its strategic lands in the UAE. In addition to entering the Egyptian market, with promising growth, the Group has strengthened its portfolio by expanding its geographical presence in the United Arab Emirates, to Ras Al Khaimah, which emerged as a strong investment destination during epidemics.

The group also announced plans to enter the logistics sector with future plans for regional expansion through the Aldar Logistics Asset Business Unit in the United Arab Emirates. Aldar continues to be successful in attracting global strategic investments such as Apollo, which has recently invested $ 1.4 billion in the Group, which will enable the Group to achieve long-term cash flow through additional resources of its large area and growth capital. . In addition to cash and existing funds, Aldar uses these funds to realize the group’s ambitious development vision.