[ad_1]
The CEO of Aldar Properties said the company's financial position was sound and that its cash flow reached 7 billion dirhams.
The company will launch land and apartment projects in Saadiyat during the second half of 2019, Talal Al Thiabi said in an interview with Al Arabiya.
He pointed out that the property market in Abu Dhabi had reached a balance between supply and demand after falling in 2017 and 2018, due to government incentives for land ownership and corporate ownership. which benefited the real estate sector.
He explained that the value of the company's projects launched since the beginning of 2019 amounted to 9 billion dirhams, of which 5 billion projects in partnership with the government of Abu Dhabi.
Abu Dhabi amended its property laws in April to allow foreigners to own freehold property in some fifteen designated areas to attract foreign investment and stimulate the economy.
Aldar Properties announced Thursday a 7 percent rise in its profits in the second quarter and said that confidence in the emirate's real estate sector had increased following reforms of property legislation.
The government-related company, which built the F1 track, reported net profit of AED 476 million ($ 129.6 million) for the quarter ended June 30, 2019, compared with a net profit of AED 445 million in the same period from the previous year.
The company achieved net income of AED 492.5 million in the first quarter of 2019, compared with AED 668.5 million in the corresponding quarter of 2018.
Revenue for the first quarter of 2019 reached AED 1.8 billion, compared to AED 1.5 billion in the same quarter last year.
On the other hand, other income fell to 38.2 million euros, against 135.2 million euros in the corresponding quarter of last year.
[ad_2]
Source link
