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FINANCIAL NEWS
UAE’s Aldar Properities eyes an acquisition in Dubai
10 Nov 2014
(MENAFN) Aldar Properties, Abu Dhabi’s largest property company, announced that its hospitality and leisure arm is considering plans to expand its hotel portfolio to Dubai through making some acquisitions in the sector, Arabian Business reported.
The company said that it is planning to focus on the UAE for the next three years, with plans of developing more properties in Abu Dhabi and a debut in the Dubai market
“Dubai is a market that nobody can ignore, especially on the hospitality and leisure side, so it’s very interesting to us. Our focus is on a stable recurring revenue stream. In order to turn on the tap straight away we think acquisitions are the way to go so we’re going to continue focusing on development, but we’re going to look at acquisitions,” Director of hospitality and leisure, Aldar Properties PJSC said.
Aldar’s hospitality and leisure division, which came as the result of the company’s merger with Sorouh Real Estate, has been taking an active approach in managing and growing the company’s hospitality and leisure portfolio, with the division currently owning and operating nine hotel assets across Abu Dhabi.
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