Aldar Properties PJSC has built up a cash war chest and is “actively” considering investments in large real estate portfolios as Abu Dhabi’s biggest developer seeks to grow its management business, a senior executive said.
The company, armed with 6.8 billion dirhams ($1.85 billion) in capital, has the resources to make purchases both in its home market and around the United Arab Emirates, Chief Financial Officer Greg Fewer said on a conference call Wednesday.
With holdings spanning retail, commercial, residential and school properties, “those are the sectors where we see very interesting acquisition opportunities within Abu Dhabi and the UAE to scale all those different segments,” Fewer said, without naming a likely target.
Aldar, which primarily operates in Abu Dhabi, has been chasing growth in a cramped market. At home, the company is growing its management business after acquiring Asteco Property Management last year. Beyond the UAE, it’s also looking to gain a foothold in Egypt through a proposed acquisition of a majority stake in a developer known as Sodic.
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