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UAE residents play real-life SimsMENA

UAE residents play real-life Sims

Dubai isn’t the only emirate embracing global vibes with Expo 2020 — its neighbor, Abu Dhabi, has seen a large influx of expats and foreign developers flooding into the property market.

Property-developer Aldar (ALDAR) is cashing in on that interest as it recorded a 14% quarterly increase and 28% yearly increase in net profits (which reached $129m). The company’s Q3 earnings also show that Aldar achieved the highest ever quarterly sales for development projects, reaching $732m.

The main driver for the firm’s success comes from the rising demand for homes across the emirate. As former millennials come of age and recent laws allow for 100% foreign ownership of companies, many first-time homebuyers and foreign investors are looking at mid-range to luxury properties across the UAE.

why it matters

Aldar’s stock has been riding high as it closed off at a 1.2% increase yesterday. The CEO said that the company plans to continue the momentum as it expands its client base to include more overseas investors.