DUBAI: Abu Dhabi developer Aldar on Wednesday reported a 28.5 percent fall in its annual net profit for 2017, impacted by a 3 percent value adjustment to its asset management portfolio as well as weaker property prices.
Net profit attributable to stockholders was down to Dh2 billion last year from Dh2.8 billion in 2016, the developer said in its disclosure to the Abu Dhabi stock market. It proposed a 12 fils per share dividend for 2017, up 9 percent from 11 fils per share offered in 2016.
Aldar also reported that annual revenue rose 26 percent to Dh6.2 billion.
The company likewise said that underlying profit was up 34 percent to Dh2.7 billion for 2017, boosted by robust business from projects under construction.
Full-year development sales were recorded at Dh3.5 billion, way ahead of expectations, of which Dh1.2 billion were generated during the fourth quarter, thanks to the Water’s Edge and West Yas property projects.
Sales for the Dh2.4-billion, 2,255-home Water’s Edge development on Yas Island was launched at Cityscape Global in Dubai last year, which quickly sold out its second phase after similarly selling out its first phase in a short period.
The West Yas development, meanwhile, has 1,017 four- and five-bedroom villas located along Yas Island’s mangroves and is available exclusively for Emiratis at prices starting Dh4 million.
“Our accomplishments during 2017 validate the success of our destination development strategy. Off-plan development sales hit Dh3.5 billion, demonstrating the rich demand for Aldar’s properties while we expanded our portfolio of owned assets with the acquisition of International Tower, achieving our target of Dh1.6 billion in net operating income,” Talal Al-Dhiyebi, Chief Executive Officer of Aldar Properties, said in the statement.
“We have bold plans for 2018 - exciting development launches and seeking opportunities to grow our portfolio in existing and new markets.”
Abu Dhabi developer Aldar reports 28.5% fall in 2017 net profit
Abu Dhabi developer Aldar reports 28.5% fall in 2017 net profit
Saudi minister at Davos urges collaboration on minerals
- The reason of the tension of geopolitics is actually the criticality of the minerals
LONDON: Countries need to collaborate on mining and resources to help avoid geopolitical tensions, Saudi Arabia’s minister of industry and mineral resources told the World Economic Forum on Tuesday.
“The reason of the tension of geopolitics is actually the criticality of the minerals, the concentration in different areas of the world,” Bandar Alkhorayef told a panel discussion on the geopolitics of materials.
“The rational thing to do is to collaborate, and that’s what we are doing,” he added. “We are creating a platform of collaboration in Saudi Arabia.”
The Kingdom last week hosted the Future Minerals Forum in Riyadh. Alkhorayef said the platform was launched by the government in 2022 as a contribution to the global community. “It’s very important to have a global movement, and that’s why we launched the Future Minerals Forum,” he said. “It is the most important platform of global mining leaders.”
The Kingdom has made mining one of the key pillars of its economy, rapidly expanding the sector under the Vision 2030 reform program with an eye on diversification. Saudi Arabia has an estimated $2.5 trillion in mineral wealth and the ramping up of extraction comes at a time of intense global competition for resources to drive technological development in areas like AI and renewables.
“We realized that unlocking the value that we have in our natural resources, of the different minerals that we have, will definitely help our economy to grow to diversify,” Alkhorayef said. The Kingdom has worked to reduce the timelines required to set up mines while also protecting local communities, he added. Obtaining mining permits in Saudi Arabia has been reduced to just 30 to 90 days compared to the many years required in other countries, Alkhorayef said.
“We learned very, very early that permitting is a bottleneck in the system,” he added. “We all know, and we have to be very, very frank about this, that mining doesn’t have a good reputation globally.
“We are trying to change this and cutting down the licensing process doesn’t only solve it. You need also to show the communities the impact of the mining on their lives.”
Saudi Arabia’s new mining investment laws have placed great emphasis on the development of society and local communities, along with protecting the environment and incorporating new technologies, Alkhorayef said. “We want to build the future mines; we don’t want to build old mines.”
