As chief development officer of Aldar, Talal Al Dhiyebi has enjoyed a promising start to the year. The firm achieved a Q1 2016 net profit of $178m (AED654m), 15% up on the equivalent period of last year. Aldar’s Q1 gross profit, meanwhile, saw a 10% year-on-year jump – up from $100m (AED368m) in the first three months of 2015 to $109m (AED403m).
Revenue across the group grew by around 4% in Q1 2016, reaching $326m (AED1.2bn), compared to the $321m (AED1.18bn) achieved during the same period of last year. Al Dhiyebi and his colleagues attributed Aldar’s impressive financials to solid off-plan sales across its portfolio. The developer sold 320 units, worth $225m (AED940m) in off-plan development sales, in Q1 2016. These transactions included 188 units, worth $88.2m (AED324m), which predominantly related to Aldar’s Mayan, Meera, and Al Nareel projects.
In April 2016, the Abu Dhabi-headquartered developer also announced the launch of Yas Acres, a $1.6bn (AED6bn) golf and waterfront development on Abu Dhabi’s Yas Island, which will feature 1,315 villas and townhouses.
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