Abu Dhabi Builder Plans $6.8 Billion Luxury Housing Project [BNN Bloomberg (Canada)]
Ares Management Corporation Class A (ARES)
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Source: BNN Bloomberg
Aldar Properties PJSC expects to kick off sales of about 7,000 luxury homes on Al Fahid Island in the second half of the year. The development will include schools, hotels, retail and entertainment facilities, and will cost about 25 billion dirhams ($6.8 billion), Aldar Chief Financial and Sustainability Officer Faisal Falaknaz said. “We continue to see positive sentiment in the UAE real estate market and are confident in our ability to sustain the current development performance levels,” Falaknaz said. Aldar, which aims to build the project within 5 to 7 years, had acquired 3.4 million square meters of land on the island for 2.5 billion dirhams last year. Abu Dhabi is emerging as the new wealth haven in the region with some of the richest people setting up firms there. From the richest man in crypto Changpeng “CZ” Zhao to hedge fund billionaire Ray Dalio, scores have moved into the city adding to demand for luxury homes. The city has also benefited from a rebound in Dubai, whe
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ARES
Sec Filings
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- 5/9/24 - Form 10-Q
- 5/2/24 - Form 8-K
- ARES's page on the SEC website