Aldar Properties, Abu Dhabi’s largest developer, reported a 37% jump year-on-year (YoY) in the second quarter of 2024 net profit to AED 1.8 billion ($490 million), driven by strong property demand.

Revenue for the quarter surged 64% YoY to AED 5.3 billion on strong demand from overseas and resident expat buyers.

Profit for the first six months of the year rose 57% annually to AED 3.3 billion, while revenues jumped 73% YoY to AED 10.9 billion.

The developer reported strong development sales momentum of AED 14 billion in H1 2024, up 21% YoY, supported by solid demand for new launches and existing inventory.

The company’s development backlog stood at AED 39 billion. The UAE backlog hit a new high of AED 33.2 billion, propelling revenue recognition over the next two to three years.

(Editing by Seban Scaria seban.scaria@lseg.com)