Alpha Dhabi Buys Stake in UAE Property Firm Aldar

Alpha Dhabi Holding PJSC built an additional stake in Abu Dhabi’s biggest property developer valued at about USD 1.5 billion as the United Arab Emirates-based holding company boosts its investment portfolio. The firm, one of the UAE’s biggest listed companies by market value, acquired a 17% stake in Aldar Properties PJSC, according to a statement. That comes on top of a 12.8% shareholding Alpha Dhabi bought in the real-estate developer last year. “Aldar’s rapid growth, strategic expansion plan and projects pipeline represent the right investment for ADH and our shareholders,” said Alpha Dhabi Chief Executive Officer Hamad Mohamed Al-Ameri. “Aldar’s many projects vary between local, regional and international markets and align with our vision for ADH to explore new markets.” Alpha Dhabi is looking for opportunities to deploy capital in private and public assets in the country as part of its new strategy, Al-Ameri told Bloomberg in December. It will also explore investments across the Middle East and North Africa, the U.S., India and Pakistan, he said. The firm said the additional stake purchase in Aldar is in line with an expansion plan targeting 8 billion dirhams for investments in real estate, hospitality, healthcare, petrochemicals, and other sectors inside and outside the UAE.