Abu Dhabi-based Alpha Dhabi Holding has raised its stake in Aldar Properties to 30 percent, making it one of the real estate company’s largest shareholders.

The company has acquired an additional 17 percent of Aldar’s shares, which it said was in line with a previously announced AED 8 billion ($2.1 billion) strategic investment plan. 

CEO Eng. Hamad Salem Mohamed Al-Ameri, Managing Director said: “The real estate sector has been witnessing an outstanding recovery during 2021, demand for residential, commercial, hospitality and logistics units continue to grow as a result of the resilience and agility of the country’s post-pandemic strategy.”

In 2021, Alpha Dhabi acquired a 12.8 percent stake in Aldar, involving a transfer of 1 billion shares in a block trade valued at AED 3.7 billion.

In its latest investment, Alpha Dhabi acquired Sublime 2, Sogno 2 and Sogno 3 which together own 17 percent of Aldar Properties.

“Aldar’s rapid growth, strategic expansion plan and projects pipeline represent the right investment for ADH and our shareholders. Aldar’s many projects vary between local, regional and international markets and align with our vision for ADH to explore new markets.” Al-Ameri added. 

In a statement to the Abu Dhabi Securities Exchange (ADX), Alpha Dhabi said the acquisition comes in line with its recently announced expansion plan and future strategy, targeting AED 8 billion for investments in real estate, hospitality, healthcare, petrochemicals, and other promising sectors inside and outside the UAE.

Aldar itself recently announced that through a consortium with state-owned holding company ADQ, it will own 85.52 percent of Egyptian developer SODIC’s outstanding share capital.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

(imogen.lillywhite@lseg.com)

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