The stake was sold for an estimated Dh5.5 billion

The UAE based conglomerate Alpha Dhabi Holding (ADH) has acquired an additional 17 per cent stake in Abu Dhabi’s largest property developer Aldar Properties, taking its stake to 29.8 per cent.

The stake was sold for an estimated $1.5 billion (Dh5.5 billion).

Early this year, Alpha Dhabi Holding had acquired a 12.8 per cent stake in Aldar Properties. The transaction, which involved the transfer of around 1 billion shares in a block trade valued at Dh3.7 billion, was one of the largest private share purchases in a UAE listed company.

In this latest investment, Alpha Dhabi Holding has completed the acquisition of Sublime 2, Sogno 2 and Sogno 3 which together own 17 per cent of Aldar Properties.

“The real estate sector has been witnessing an outstanding recovery during 2021, demand for residential, commercial, hospitality and logistics units continue to grow as a result of the resilience and agility of the country’s post-pandemic strategy,” said Hamad Salem Mohamed Al-Ameri, Managing Director and CEO of Alpha Dhabi Holding.

"Aldar’s rapid growth, strategic expansion plan and projects pipeline represent the right investment for ADH and our shareholders. Aldar's many projects vary between local, regional and international markets and align with our vision for ADH to explore new markets.” Al Ameri added.

Alpha Dhabi Holding is targeting Dh8 billion investments in real estate, hospitality, healthcare, petrochemicals, and other promising sectors inside and outside the UAE.

Recently, Aldar announced that through a consortium with ADQ, it will own 85.52 per cent of Egyptian developer Sodic’s outstanding share capital.