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Aldar adds to Saadiyat Cultural District’s exceptional luxury living with launch of Mandarin Oriental Residences. Image courtesy: Aldar
Abu Dhabi-listed Aldar Properties will deliver its first residential and retail concepts in the Saadiyat Cultural District in 2025, chairman Mohamed Khalifa Al Mubarak said in its Q4 2024 result update.
“We believe that new development launches across geographies and the expansion of our recurring income portfolio will fuel our growth in the year ahead,” he said.
The name of the project, set for handover, was not given.
The developer launched 12 projects last year, including four in the fourth quarter.
The group’s development backlog has reached 54.6 billion UAE dirhams ($14.87 billion), with a UAE backlog of AED 45.9 billion, driving revenue recognition over the next two to three years.
Aldar’s develop-to-hold pipeline has expanded to AED 13.3 billion, supporting further scale, diversification, and earnings growth across the portfolio in the next three years, the update said.
(Writing by P Deol; Editing by Anoop Menon)
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