Abu Dhabi-based developer Aldar Properties has generated AED1.9 billion ($520 million) net profit including fair value adjustments of AED700 million during 2018.

The net profit came from AED6.3 billion in revenue, up by 2 per cent on the previous year.

The company said it registered AED2.6 billion of development sales, driven by the strong fourth quarter, adding that 78 per cent of all projects under development were sold at the end of 2018.

Talal Al Dhiyebi, Chief Executive Officer of Aldar Properties says it's been a significant year for the company.

“2018 was a transformational year with a series of game-changing corporate actions.

"We completed one of the largest real estate transactions in the UAE’s history and created the region’s largest diversified real estate investment company.

"Our financial and operational performance was strong and will accelerate further as our mature asset portfolio grows and more of our developments enter the handover phase.

"We are extremely confident, starting 2019 with powerful momentum from the incredible response to the launch of Alreeman.

"With a positive shift in sentiment, strong liquidity in Abu Dhabi and the long-term health of our real estate market, we are optimistic about the year ahead.”

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