Mubadala lifts Aldar holding above 28 per cent

Mubadala Investment Company has increased its stake in Aldar Properties to 28.03 per cent, deepening its exposure to one of Abu Dhabi’s largest listed property groups as the developer expands its residential, commercial and recurring-income businesses.

The Abu Dhabi sovereign investor raised its holding from 27.01 per cent through Mamoura Diversified Global Holding, its wholly owned subsidiary. The additional shares were accumulated through a series of purchases on the Abu Dhabi Securities Exchange between May 8 and August 11, representing about 78.6 million shares.

Aldar said the increase resulted solely from independent market transactions by Mubadala and was not connected with any corporate action undertaken by the developer. The latest purchases extend a steady build-up in Mubadala’s position during 2026. Its stake had risen from 25.12 per cent to 26.26 per cent in March and subsequently to 27.01 per cent in May.

The investment comes as Aldar maintains strong earnings growth despite a slower pace of property launches in its home market. Group revenue increased 5 per cent year on year to AED8.1 billion in the second quarter, while net profit after tax rose 17 per cent to AED2.6 billion. Net profit attributable to shareholders stood at about AED2.16 billion.

For the first half, Aldar recorded revenue of AED16.8 billion, up 8 per cent, while net profit after tax increased 18 per cent to AED4.9 billion. EBITDA rose 19 per cent to AED6.3 billion and gross profit advanced 17 per cent to AED6.2 billion. Earnings per share increased 17 per cent to AED0.53.

The results highlight a shift in Aldar’s growth profile towards a combination of development income and recurring revenue from commercial buildings, retail centres, logistics facilities, schools and property-management operations. Aldar Investment generated AED4.2 billion of revenue in the first half, 12 per cent higher than a year earlier, while adjusted EBITDA rose 18 per cent to AED1.8 billion. Assets under management reached AED56 billion.

Development activity remained substantial even as new sales moderated. Group development sales fell 34 per cent year on year to AED12.1 billion during the first half after Aldar adopted a more measured launch strategy. UAE sales declined 46 per cent to AED9.4 billion. Overseas and expatriate buyers nevertheless accounted for AED7.6 billion, or 80 per cent, of UAE sales.

Aldar’s development revenue backlog stood at AED71.6 billion at the end of June, including AED59.9 billion in the UAE, providing revenue visibility over the next two to three years. Its project-management services backlog reached AED87.2 billion, with AED62.3 billion of projects under construction.

Expansion outside the UAE has also become more important. Sales at Egypt-based SODIC rose 171 per cent during the first half to AED1.4 billion, while London Square recorded AED1.2 billion of sales, an increase of 236 per cent. The London business also acquired Lillie Square in West London and entered a partnership to deliver 241 build-to-rent homes in Woolwich.

Mubadala’s increased shareholding also strengthens an already extensive relationship between the two Abu Dhabi groups. Aldar and Mubadala have built partnerships covering commercial property, retail, residential developments and logistics assets, creating a network of ventures that extends beyond Mubadala’s direct equity ownership.

Their largest announced collaboration is the planned expansion of Al Maryah Island’s financial district. The project carries a gross development value exceeding AED60 billion and is designed to add more than 1.5 million square metres of offices, homes, retail and hospitality space. Aldar holds 60 per cent of the joint venture and Mubadala 40 per cent.

The partners have also established an approximately AED10 billion retail platform bringing Yas Mall and The Galleria Luxury Collection under an Aldar-managed structure. The assets provide about 260,000 square metres of gross leasable area and form part of a broader strategy to consolidate major Abu Dhabi retail destinations.