Aldar Properties identifying acquisition targets in UAE
Abu Dhabi-based real estate development, management and investment company Aldar Properties is examining possible acquisitions in the United Arab Emirates that will "provide a good revenue for the company", according to chairman Abu Bakr Seddiq Al Khouri. Speaking after the firm's ordinary general meeting, he said Abu Dhabi's real estate industry was "in a good position" and was expected to perform strongly this year. Aldar Properties recently announced it would create a 2.4 km canal as part of its Shams development, located on Reem Island.

By: Ramy Sameeh

Abu Dhabi – Mubasher: Abu Dhabi's real estate sector is in a good position and is expected to see a strong performance this year, Aldar Properties' board chairman Abu Bakr Seddiq Al Khouri said on Monday.

Speaking at a press conference following the company's ordinary general meeting (OGM), the top official stated that the Abu Dhabi government's continued spending on infrastructure projects will boost the property market.

Aldar will announce a number of new projects in the coming period in the UAE capital, while also finishing a number of other projects over the year, Al Khouri told reporters at the press conference.

Aldar Properties is currently examining a number of acquisitions in the UAE, the board chairman highlighted, indicating that these investments will provide a good revenue for the company.

Earlier this month, the Abu Dhabi-based developer announced plans that it would launch a 2.4-kilometre canal as part of its Shams development on Reem Island.

In February, the Abu Dhabi-listed company's chief development officer Talal Al Dhiyebi told reporters that his company was planning on investing AED 1.9 billion ($517.4 million) in 2017. Aldar has an AED 3 billion investment portfolio, of which AED 1.1 billion were invested in 2016, he added.

Translated by: Nada Adel Sobhi