The news comes following an $8.2bn deal with a state-owned entity in Abu Dhabi.
The deal that has seen Aldar Properties become the biggest listed developer in the United Arab Emirates will see Alder take over the development and management of projects that are worth over AED30bn in Abu Dhabi as part of an agreement with ADQ. According to Aldar Chief Executive Officer, Talal Al Dhiyebi, the partnership “will significantly support future profit growth.”
Stock climbed as much as 15 per cent to trade at AED2.54 which is the highest level since early 2017. The rise in stock lifted Aldar’s market value to around AED20bn which takes the company past Emaar Properties, the former largest developer in the UAE.
