Abu Dhabi’s Aldar Properties pulls out record sales in Q1-2022, with Egypt’s SODIC helping out as well

Abu Dhabi’s Aldar Properties pulls out record sales in Q1-2022, with Egypt’s SODIC helping out as well

Dubai: More offplan launches and investment plays delivered Abu Dhabi’s Aldar properties another strong quarter, with revenues of Dh2.68 billion in the first three months of 2022, up 31.5 per cent. This translated into a net profit of a Dh688 million, from a substantial 26.5 per cent year-on-year increase. Group-wide sales came to a record Dh2.2 billion, which included those from SODC in Egypt. The latter, one of the bigger names in Egypt’s real estate space, was majority acquired by Aldar and ADQ. SODIC contributed Dh280 million to Aldar Development’s Q1-22 revenue. Aldar, which has just announced its entry into logistics investments, also made a bold push into Ras Al Khaimah, first buying an existing mall and then a resort on Al Marjan island. But the core focus will remain on Abu Dhabi - "With demand for quality Abu Dhabi property remaining strong among investors and end-users, we will also ramp up development activity and new project launches, particularly on the expanded strategic land bank on Saadiyat Island," said Talal Al Dhiyebi, Group CEO. "We attracted a major investment from Apollo Global Management, which is driving the accelerated expansion and diversification of our investment property business. We also entered the