Aldar Properties Reports 10% Profit Growth Amid Market Challenges

Summary:

Aldar Properties, Abu Dhabi's largest listed developer, reported a 10% increase in second-quarter profit, reaching Dh2.16 billion ($580 million), alongside a 5% rise in revenue to Dh8.1 billion, despite challenges from the Iran war. For the first half of the year, profit rose 16.3% to Dh4.2 billion, with revenue climbing 8% to Dh16.8 billion. The Abu Dhabi property market remains strong, with real estate transactions surging 112% year-on-year. Aldar also launched new projects, including a Dh100 billion waterfront development on Saadiyat Island and a Dh6 billion project on Yas Island.