(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 28th June, 2022 (WAM) -- Alpha Dhabi Holding has increased its stake in Aldar Properties, reaffirming its position as the largest shareholder and consequently becoming Aldar's parent company.
Through this latest additional stake, Alpha Dhabi has raised its shareholding of Aldar to complement its existing majority representation on Aldar's Board of Directors. Accordingly, Aldar will be treated as a subsidiary in Alpha Dhabi's consolidated financial statements, the impact of which will be reflected in its financial results for Q2 2022 onwards.
The additional shareholding came through the acquisition by Alpha Dhabi of an entity already holding shares in Aldar, which comes after necessary regulatory approvals.
Hamad Al Ameri, CEO of Alpha Dhabi Holding, commented, 'We are firm believers and supporters of Aldar's equity story, vision and strategy as well as the positive and strong strides it continues to make in growing and scaling its platforms. As a long-term strategic shareholder, Alpha Dhabi will continue to support Aldar's management team as they execute its transformational growth agenda.'
'The macro-economic environment across the UAE and the region remains strong, supported by a rise in oil prices and, with it, sustained economic growth. Several economic, social and regulatory policies and initiatives have bolstered the UAE's status as a premier destination to live, work and visit, thereby increasing the demand for real estate. The result is an in-demand asset class across the UAE, the key market in which Aldar operates, as well as new markets it has recently entered into such as Egypt.'
As a leading regional real estate developer and manager, Aldar continues to deliver strong financial performance and shareholder returns, driven by its maturing Abu Dhabi business and its diversified asset base. Aldar is pursuing a transformational growth agenda, demonstrated by entry into new geographies and asset classes, as well as robust organic growth in its core market in the past 12 months.
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