Regional real estate leader, Aldar Properties recently announced that its net profit grew by 153 per cent to Dh816.9 million during the nine month period ended 30 September 2006, against Dh322.9 million during the corresponding period.
Aldar's investment properties under development continued to grow in line with the company's business development plan, according to Khaleej Times. Ahmed Ali Al Sayegh, Aldar's Chairman, explained that his company is focusing on key strategic large scale developments with particular emphasis on infrastructure, town planning and environmental protection in the emirate of Abu Dhabi.
Such properties were valued at Dh726.1 million, reflecting an increase of Dh505.3 million, 228 per cent since 30 September 2005.
"In particular, we are launching two significant projects before the end of the year, one of which is the redevelopment of the strategically located central market," Sayegh pointed out.
The total net assets for Aldar reached Dh2.873 billion, an increase of 34 per cent from the December 31, 2005 level of Dh2.141 billion.
© 2006 Mena Report (www.menareport.com)
