Transitioning to asset management

For the near-term, Aldar will continue to generate the bulk of its profits from the asset management side. It makes up two-thirds of the gross profit and more than half of the current revenues.

This, Fewer said, marks Aldar’s transition from a pure-play developer reliant on project launches to an “asset manager”.

As for the development business, it contributed Dh1.5 billion via off-plan sales in the year-to-date in what remains a tight market for off-plan sales.