DUBAI: Abu Dhabi developer Aldar on Monday said it has signed an agreement with Tourism Development & Investment Company (TDIC) to acquire 3.7 billion dirhams worth of its prime real assets, one of the largest property acquisitions in the UAE’s history.
The transaction will be fully complete by the end of June, subject to fulfilment of certain conditions, the company said in a disclosure to the Abu Dhabi stock exchange.
The 14 assets acquired from TDIC, mostly focus on the emirate’s tourism-cultural destination Saadiyat Island, range from hospitality, retail, residential, education and infrastructure as well as a selection of prime land plots and projects currently being developed. The more notable acquisitions include the Eastern Mangroves complex, Saadiyat Island district cooling assets, Cranleigh School Abu Dhabi and Westin Golf & Spa.
“Acquiring assets on Saadiyat Island presents Aldar with an unprecedented opportunity to add significant value to its portfolio. The opening of the Louvre Abu Dhabi has demonstrated the government’s commitment to make Saadiyat Island one of the most sought-after destinations in the world,” Talal Al Dhiyebi, Chief Executive Officer of Aldar Properties, said in a statement to the bourse.
“We believe this landmark acquisition will further advance Abu Dhabi’s real estate sector and accelerate the development of Saadiyat Island, taking it to the next level. This is a very exciting time for the market, and as its leading player, we’re well placed to take advantage, with the injection of these new assets.”
The land and projects under development that to be taken over will form part of Aldar’s development destination strategy, the developer said, while collectively the acquired assets should deliver ‘an incremental net operating income of approximately 120 dirhams million to Aldar’s asset management portfolio on an annualized basis.’
The gross development value of the projects under development on Saadiyat Island is 2.5 billion dirhams. The land located on Saadiyat Island that is being acquired, which is infrastructure enabled, has approximately 1.1 million square meters of gross floor area.
Abu Dhabi developer Aldar acquires TDIC’s real estate assets worth 3.7 billion dirhams
Abu Dhabi developer Aldar acquires TDIC’s real estate assets worth 3.7 billion dirhams
Acwa signs key terms to develop 5GW of renewable energy capacity in Turkiye
JEDDAH: Saudi utility giant Acwa has signed key investment agreements with Turkiye’s Ministry of Energy and Natural Resources to develop up to 5 gigawatts of renewable energy capacity, starting with 2GW of solar power across two plants in Sivas and Taseli.
Under the investment agreement, Acwa will develop, finance, and construct, as well as commission and operate both facilities, according to a press release.
The program builds on the company’s first investment in Turkiye, the 927-megawatt Kirikkale Independent Power Plant, valued at $930 million, which offsets approximately 1.8 million tonnes of carbon dioxide annually, the statement added.
A separate power purchase agreement has been concluded with Elektrik Uretim Anonim Sirketi for the sale of electricity generated by each facility.
Turkiye aims to boost solar and wind capacity to 120GW by 2035, supported by around $80 billion in investment, while recent projects have already helped prevent 12.5 million tonnes of CO2 emissions and reduced reliance on imported natural gas.
Turkiye’s energy sector has undergone a rapid transformation in recent years, with renewable power emerging as a central pillar of its strategy.
Raad Al-Saady, vice chairman and managing director of ACWA, said: “The signing of the IA (implementation agreement) and PPA key terms marks a pivotal moment in Acwa’s partnership with Turkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse.”
He added: “Building on our long-standing presence, including the 927MW Kirikkale Power Plant commissioned in 2017, this step elevates our partnership to a new level,” Al-Saady said.
In its statement, Acwa said the 5GW renewable energy program will deliver electricity at fixed prices, enhancing predictability for grid planning and supporting long-term industrial investment.
By replacing imported fossil fuels with domestically generated clean energy, the initiative is expected to reduce Turkiye’s exposure to global energy market volatility, strengthening energy security and lowering long-term power costs.
The company added that the economic impact will extend beyond the anticipated investment of up to $5 billion in foreign direct investment, with thousands of jobs expected during the construction phase and hundreds of high-skilled roles created during operations.
The energy firm concluded that its existing progress in Turkiye reflects a strong appreciation for Turkish engineering, construction, and manufacturing capacity, adding that localization has been a strategic priority, and it has already achieved 100 percent local employment at its developments in the country.
