UAE’s Aldar Properties in talks to foray into several Saudi sectors: CEO

Aldar Properties CEO Talal Al Dhiyebi

Aldar Properties is expected to maintain growth and enter new markets over the coming period, CNBC TV reported, citing CEO Talal Al Dhiyebi.

He added that the UAE developer is negotiating over foraying into several sectors in Saudi Arabia.

Al Dhiyebi forecasts the company to make acquisitions of not less than AED 5 billion, whether in the UAE or other markets.

Regarding the acquisition of Madinet Nasr for Housing and Development, Al Dhiyebi said Egypt’s SODIC, which was acquired by Aldar- ADQ consortium, submitted an offer to acquire Madinet Nasr, and the company is waiting for approvals to carry out the necessary studies.

Madinet Nasr acquisition price will not change before conducting the due diligence, Al Dhiyebi confirmed, noting that the returns on Aldar's projects are higher than the financing costs resulting from raising interest rates.

In another statement to Al Arabiya TV, the CEO said the occupancy rate in the company's residential real estate exceeds 95%, noting that sales of outstanding projects in the first half of 2022 amounted to AED 5.3 billion, of which AED 5 billion is in the UAE and the remaining amount is in Egypt.

The real estate developer aspires to boost its presence in Egypt, Al Dhiyebi said, pointing out that there are ambitious plans to expand in the 5th Settlement area, the Administrative Capital, North Coast, 6th of October, Sheikh Zayed and Red Sea.