Media ININ Economy We Trust
September 11th
First Abu Dhabi Bank announced the signing of an agreement with Aldar Real Estate Company to sell First Abu Dhabi Real Estate Company to Aldar Real Estate Company, provided that this deal is subject to the necessary regulatory approvals. The bank explained that the process of selling First Abu Dhabi Real Estate Company comes in line with the strategy of the First Abu Dhabi Bank Group, which aims to benefit from strategic partnerships that will achieve the best value and enhance specialized service offers, and this step is not expected to have any material impact on the group’s financial performance for the year. 2023. The bank’s statement indicated that the Abu Dhabi Securities Exchange will be provided with any developments in a timely manner.
Thus, the platform expands its portfolio by including 22,000 housing units within 600 properties in the country. This acquisition follows the recent merger of Aldar Properties and Eltizam Asset Management Group, the platform’s portfolio which now includes 157,000 managed residential units, in addition to high-quality retail and commercial space with a gross leasable area exceeding 1 million, expanding the square metres, and facilities management contracts worth an estimated At approximately 2.5 billion dirhams, this deal is expected, after meeting the usual regulatory approvals, to provide Aldar Properties with a strong source of recurring income based on the high occupancy rates across the First Abu Dhabi Real Estate portfolio and its strong financial performance in 2022.
