Aldar eclipses Emaar as UAE’s biggest developer after $8.2bn deal

Aldar eclipses Emaar as UAE’s biggest developer after $8.2bn deal

Stock market rally for Abu Dhabi-based Aldar lifts company value to about $5.4bn, ahead of the Burj Khalifa builder

Aldar Properties became the biggest listed developer in the United Arab Emirates after its shares rose the most in six years on the back of an $8.2 billion deal with a state-owned entity in Abu Dhabi.

The stock climbed as much as 15 percent to trade at AED2.54 ($0.69), the highest level since early 2017. The rally lifted Aldar's market value to about AED20 billion, taking it past Burj Khalifa developer Emaar Properties.

Deal signed between ADQ and Aldar as part of new public private partnership framework

Aldar will take over the development and management of projects worth AED30 billion in Abu Dhabi as part of an agreement with ADQ, according to a statement on