The largest real estate developer in Abu Dhabi is pouring 5 billion dirhams ($1.36 billion) into acquisitions this year to grow its portfolio of revenue-generating properties.

The plans come after the company recorded double-digit year-on-year growth in net profit, which rose by 21 percent in 2021 to reach 2.33 billion dirhams.

Aldar Properties wants to deploy its surplus capital “as quickly as we can,” chief financial officer Greg Fewer told Arabian Business, adding possible deals were already being explored.

Aldar said its resilient performance despite a challenging business environment was driven by strong rental rates and leasing activity across its portfolio, which ended the year at 93 percent occupancy.

Yas Mall, the largest in Abu Dhabi with 370 stores, including a Debenhams department store and fashion retailers such as Zara, H&M, Calvin Klein and Michael Kors, performed particularly well, benefiting from a redevelopment and repositioning plan that saw it end 2021 at 97 percent occupancy.

Aldar Development, the property development arm of the company, reported sales of 1.1 billion dirhams in the fourth quarter, bringing the full year total sales to a record 7.2 billion dirhams. Major project launches including multiple phases of its mixed use “retail communities” including Noya and Yas Acres, Al Gurm and the third phase of Saadiyat Reserve.

Overall, Aldar Properties reported revenues of 8.58 billion dirhams for 2021, up 2 percent year-on-year, and a net profit of 2.33 billion dirhams, up 21 percent year-on-year.

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