Abu Dhabi – Aldar Properties has acquired Al Fahid Island at a value of AED 2.50 billion to be paid over five years, according to a press release.
The transaction anchors Aldar’s development plans to provide various products that meet the needs of local, regional, and international investors as well as homeowners.
Al Fahid Island spans 3.40 million square metres, with a gross development value (GDV) of AED 26 billion. The island is located on the Sheikh Khalifa bin Zayed Highway (E12), the main roadway that links Yas Island and Saadiyat Island.
Under the deal, the company seeks to bolster its landbank and near-term development pipeline. It also intends to establish a new prime destination with a capacity of more than 4,000 residential units.
Meanwhile, the first phases of the development scheme will be delivered towards the end of 2023.
Talal Al Dhiyebi, Group CEO of Aldar, said: “Solidifying our dominant presence on the Yas-Saadiyat corridor, the acquisition of Al Fahid Island further strengthens Aldar’s ability to deliver sustainable value to Abu Dhabi, its communities, and our shareholders over the medium and long term.”
Jonathan Emery, CEO at Aldar Development, noted: “Al Fahid Island presents a robust pipeline of development activity for our business.”
In the first nine months (9M) of 2022, the ADX-listed firm logged net profits attributable to the shareholders worth AED 2.02 billion, versus AED 1.53 billion in the January-September 2021 period.
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