CAIRO - 1 August 2022: Aldar Properties plans to invest an additional $1.5 billion in Egypt and the United Arab Emirates (UAE) in the coming months, according to the company CEO, Talal Al Dhiyebi.
In an interview with Bloomberg, Al Dhiyebi said that the expected investments come after the company pumped $1.2 billion to acquire 4 commercial towers in the Abu Dhabi Global Market.
He explained that the company plans to increase its land portfolio in key areas in Egypt, from the northern coast to the west and east of Cairo, and then the Red Sea in the future, pointing out that the company has entered into several discussions to expand its land portfolio.
Talal Al Dhiyebi said at the end of last July that the company expects continued growth in all sectors and entry into new markets during the coming period.
Regarding Aldar's acquisition of Madinet Nasr for Housing and Development (MNHD), Al-Dhiyabi said that the MNHD rejected the proposals submitted by the Emiriti company til the latter raises its purchase offer.
During July, the Sixth of October Development and Investment Company (SODIC) submitted a non-binding offer for the possible cash acquisition of up to 100% of the capital of Madinet Nasr for Housing and Development.
The Emirati Al Dar is the owner of the controlling stake in the “SODIC” company.
However, Madinet Nasr for Housing and Development said that the offer made for the purpose of buying the company's shares is not in line with the real value of the company and its assets.
Accordingly, the board of directors of MNHD rejected the request in light of the offer submitted.
The profits of Aldar Properties increased by 38 percent during the first half of 2022 on an annual basis.
The company explained in a statement to the Abu Dhabi Stock Exchange that its profits amounted to 1.471 billion dirhams, compared to profits of 1.062 billion dirhams during the same period in 2021.
The company's revenues increased by 26 percent to 5.352 billion dirhams in the first half of 2022, compared to revenues of 4.232 billion dirhams in the first half of 2021.