| Type | Real Estate |
|---|---|
| Industry | Holding company |
| Founded | 2000 |
| Headquarters | Aldar HQ, Abu Dhabi, UAE |
| Website | www.aldar.com |
Aldar Properties PJSC (شركة الدار العقارية) is a real estate development, management and investment company with headquarters in Abu Dhabi, United Arab Emirates. It releases and builds projects such as Al Raha Beach, Al Jimi Shopping Centre, Al Raha Gardens, Yas Island (which includes the Yas Marina Circuit, Ferrari World and Yas Marina Hotel), Al Gurm Resort and the Abu Dhabi Central Market (Souq).
ALDAR was established in 2000 through the UAE Offsets Programme. Its first employee was Christopher Sims MRICS , MHKIS, ACIArb, who built the company from ground zero to create real estate developments for Abu Dhabi, while providing stable and profitable investment portfolio for its investors and stakeholders. Its first development was the Al Jimi Shopping Centre in Al Ain, which won an ICSC award; which to date is the only UAE retail property to win such a coveted international award,
ALDAR Properties PJSC believes in maintaining the strong heritage of Abu Dhabi through the spirit of Hoyamal, which gives meaning and purpose to the promise of "Building the Nation".
ALDAR Properties PJSC is spearheading the development of Abu Dhabi; entrusted to create multi-billion Dirham civic projects to develop the capital, establishing new sectors for commerce, housing, retail and leisure. ALDAR’s vision is to establish Abu Dhabi as the United Arab Emirate’s most dynamic forward-thinking real estate market by creating unique and prestigious developments that can be used as a benchmark of quality, whilst adhering to the cultural and natural heritage of the city.
In 2004 through a share offer (IPO) of AED 1.5 billion (USD 408 million) on the Abu Dhabi Securities Exchange, Shortly thereafter, ALDAR announced more than USD 72 billion worth of developments. The ALDAR issue, the largest IPO in the history of the UAE at the time, was 448 times oversubscribed and raised an unprecedented AED 373 billion (USD 102 billion) in demand. Christopher Sims left as the company's founding CEO in March 2006 after seven and half years of service to the company. As of July 24, 2008 ALDAR's market capitalization was AED 32.3 billion (US$ 8.7 billion) . Total retail area across all developments is currently over 1.5 million square meters.[1]
The company is now owned by leading Abu Dhabi institutions, founder shareholders and individual investors. The current property portfolio includes major developments and re-developments within Abu Dhabi Emirate such as Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building, and the Yas Island project which is to include a Warner Bros and a Ferrari theme park.
ALDAR’s first international expansion was announced in August 2007 via a tie-up with South Johor Investment Corp (SJIC) in a deal that represents the largest foreign real estate development in Malaysia. This was followed in October 2007 with plans announced to build a mixed-use development in Kazakhstan.