ABU DHABI / Reuters
Abu Dhabi-based developer Aldar Properties plans more acquisitions as it sees opportunities in a slowing property market, its chief executive said on Tuesday. Late last year, Aldar bought an office tower in the emirate for AED658 million ($179 million). “We are seeing ample opportunities of new acquisitions in these market conditions in Abu Dhabi and elsewhere,” Talal Al Dhiyebi told Reuters at Cityscape Abu Dhabi, the property show.
Aldar will continue to invest in new projects as well as acquisitions, he said. Last month, Emaar Properties and Aldar signed a joint venture agreement to develop local and international projects worth as much as AED30 billion ($8.2 billion). Aldar also expects to attract more retail and institutional investors after it recently increased foreign ownership in its stock to 49 percent from 40 percent. “There’s been wide international demand from Europe, the US,” he said.
Aldar is also focussing on affordable housing, which is under-serviced, he said.
“The bubble has gone out of pushing prices artificially. Today we have real investors, real demand and end-users,” he said.