Abu Dhabi's biggest developer Aldar Properties said on Tuesday it will invest 5 billion dirhams ($1.36 billion) to build new office, retail and hospitality facilities in the state by 2027.
The properties will be located in Al Maryah Island, Abu Dhabi's financial district, as well as in Yas Island and Saadiyat Island, to address "strong corporate demand for Grade A office space," Aldar said in a bourse statement.
Shares in the developer were up about 2% by around 0730 GMT, outperforming a 0.5% rise in Abu Dhabi's main index (.FTFADGI).
Shares in the developer were up about 2% by around 0730 GMT, outperforming a 0.5% rise in Abu Dhabi's main index (.FTFADGI).
The new properties, including a 12-storey office tower on Yas Island, a business park on Saadiyat Island, and a second commercial tower on Al Maryah Island, will be completed in phases between 2025 and 2027.
Upon completion, they will be part of the Aldar Investment Properties' portfolio, which counts U.S. private equity firm Apollo as a minority shareholder, the company said.
No comments:
Post a Comment