Aldar adjusts to property market shift

Throughout the night the rumble of cement mixers and cranes can seem relentless in Abu Dhabi as construction on a stream of multistorey buildings progresses. The contrast with neighbouring Dubai – which has seen its property bubble burst dramatically – is conspicuous.

But even in wealthy Abu Dhabi, where more than $300bn of real estate and infrastructure projects have been announced, the property market has been hit hard. Off-plans sales have all but dried up, prices have declined and workers laid off. Property companies have seen their share prices and revenue plummet, while financing has been squeezed.

The result is a challenging environment for Aldar Properties, the state-backed developer in Abu Dhabi that is behind many of the signature projects that the emirate launched during the boom years.