ALDAR Properties (Aldar) was established in October 2004 as a real estate developer of retail, residential, commercial, entertainment, and hospitality properties. Aldar has established itself as one of the major developers in the region with some of the most prominent projects.
In November 2006, Aldar launched one of the largest real estate projects in the region. The USD40 billion Yas Island project occupies a total land area of 25 million square meters (270 million square feet). The Island will feature attractions such as the world's first 'Ferrari World' themed park, water park, and the Abu Dhabi destination retail development of 300,000 square meters (3.2 million square feet) retail area, parkland golf courses, lagoon hotels, marinas, polo clubs, apartments, villas as well as food and beverage outlets. The first phase of the project is due for completion in 2008 while the entire project is due for completion by 2014.
Aldar also wants to give people some rest with its Al Raha Beach development. With a cost of USD18 billion, Al Raha Beach covers 5.2 million square meters (60 million square feet) of natural beach front providing residential, commercial, cultural, entertainment and public facilities. The development, due for completion by 2016, consists of eight precincts housing a total of 120,000 residents.
As part of its expansion plans, Aldar announced in November 2006 plans to develop 30 hotels in Abu Dhabi over a period of seven years. It also partnered with the UAE government to set up 5,000 units out of the 15,000 unit Al Falah development project. Aldar will establish a housing estate for 35,000 workers in Abu Dhabi, and another in Al Ain for 15,000 workers before the end of year 2007. Furthermore, Aldar expanded outside the UAE with real estate projects in Morocco and Eastern European nations.
Aldar raised USD224 million when it listed its shares on the
Abu Dhabi Securities Market (ADSM)Abu Dhabi Securities Market (ADSM)
in October 2004. In August 2006, Aldar established the USD138 million
Aseel Finance CompanyAseel Finance Company
as a joint venture with
First Gulf BankFirst Gulf Bank
,
Sorouh Real EstateSorouh Real Estate
, and
Reem InvestmentsReem Investments
. Aldar plans to transform itself into a holding company in 2007 by working as a real estate fund manager and launching four multi-billion dirham (AED) industry specific investment funds.