Aldar Properties has announced investments worth AED 1.9bn ($517mn) in four major new projects that will generate long-term revenue for the company.
The projects comprise mid-market residential, hospitality & leisure, and retail assets on Yas Island and Reem Island and follow the AED 1.1bn already invested in the Daman House acquisition, Al Jimi Mall extension, Al Mamoura school and Repton school.
All projects are scheduled to start construction this year and complete during 2019 and 2020, the firm said in a statement.
Aldar will develop around 600 residential units on Reem Island to capitalise on the untapped potential for high quality mid-market property in the heart of Abu Dhabi.
The company also announced Shams Marina, a mixed-use development that will comprise 329 marina residences, 192 serviced apartments, a 262 key 4 Star Hotel, including a club house and private beach.
The third project is the 4 Star Yas Mall hotel, attached to the mall, aimed at the family segment of the market. The property will have 349 keys, of which 70 will be serviced apartments.
Also on Yas Island is an extension to its Yas Island retail portfolio dedicated to the automotive market. It will contain new car dealerships and F&B outlets.
Commenting on the investment, H.E. Mohamed Khalifa Al Mubarak, CEO of Aldar Properties, said: The investments we are making meet our twin objectives of providing the market with the right products at the right time, whilst increasing our ability to grow long term recurring revenues.
We believe that the underlying fundamentals of Abu Dhabis economy provide a strong and supportive investment climate, thereby providing us with a solid platform for continued growth.