Abu Dhabi's largest real estate developer, Aldar Properties PJSC, plans to spend 5 billion dirhams ($1.36 billion) on acquisitions this year to grow its portfolio of revenue-generating properties.
The company wants to deploy surplus capital "as quickly as we can," chief financial officer Greg Fewer told reporters on a call Wednesday, adding that a pipeline of possible deals exist.
The company reported a 21 per cent increase in full-year net income earlier on Wednesday, supported by "strong performance" across group businesses. Aldar said it has undrawn facilities with liquidity of 9 billion dirhams, "providing significant dry powder for growth."
"We have significant capital and we intend to deploy that capital over the course of the year," Fewer said. The company will target mostly revenue-generating assets within education, retail, commercial offices and even residential real estate. - Bloomberg