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FINANCIAL NEWS
UAE’s Aldar to invest USD1.08b in projects
16 Nov 2014
(MENAFN) Aldar Properties, which registered a growth in its net profit by 41 percent during the third quarter of this, announced they are planning to invest USD.1.08 billion in the next 12 to 15 months in various development projects, with the company currently assessing 23 development opportunities, Gulf News reported.
Aldar, which is one of the largest developers in the Middle East, has USD10 billion of assets, and is known to be the developer of some of Abu Dhabi’s most iconic and complex projects, including the Formula 1 facilities and circuit.
During the first nine months of this year, the company’s revenue reached USD1.43 billion compared to USD1.10 billion in revenue during the same period last year, while its net profit reached USD421.87 million as compared to USD495.36 million posted during the corresponding period of 2013.
“Aldar continues to hold a strong cash position with USD1.09 billion of cash and bank balances at the end of the third quarter. Gross debt fell 5 per cent during the quarter to USD2.60 billion as at 30 September 2014,” the company said in a statement.
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