Aldar Properties (Aldar) has announced that it is planning to invest AED1.9bn in recurring revenue generating assets on Yas and Reem Islands. These amounts follow the AED1.1bn investment, made in the Daman House acquisition, Al Jimi Mall extension, Al Mamoura school and Repton school; thus, completing its AED3bn investment programme. Investments will be made over four assets, with construction commencing this year and to be completed in 2019-20. The four assets are: i) 600 mid-market residential units in Reem Island to be added to Aldar’s residential portfolio; ii) a mixed-use development, also in Reem Island, comprising 329 marina residences, 192 serviced apartments, 262-key four-star hotel, including a club house and private beach; iii) 349-room four-star hotel, attached to Yas Mall, of which 70 will be serviced apartments; and iv) an extension to Yas Island retail portfolio, to be dedicated to the consumer segment of the automotive market.  

Aldar Properties: AED2.40 as of 20 Mar. 2017, Rating: Buy, TP: AED3.37/share, MCap: USD5,142mn, ALDAR UH/ALDR.AD