How does Aldar position itself in the UAE's property development market?
Aldar is the leading real estate asset investor, manager, and developer in Abu Dhabi with USD10 billion in assets and a 75-million sqm land bank. Our approach focuses on delivering operational excellence while creating value for our customers by offering exceptional and memorable experiences and outperforming their expectations. We regularly assess the supply and demand dynamics in the market in order to bring the right product at the right time and optimize our land bank. We are committed to driving long-term sustainable growth in everything we do, for our people, in the Emirate and beyond. So far, 2019 has been a remarkable year for Aldar, with strong operational and financial performance. We launched four land plot development projects—Areeman, Alreeman II, Lea, and Saadiyat Reserve—which have all almost sold out within their first weeks on the market. We were also awarded AED5 billion projects by the Abu Dhabi government that are expected to bring immediate and long-term commercial and socioeconomic value to both the capital and Aldar. We expanded our presence to Dubai, where we inaugurated our sales and experience center, which is aimed at boosting our international sales and outreach.
Looking ahead, where do you see Ghadan 21 stimulus initiatives having the most significant impact on the property sector in the medium to long term?
We are firm supporters of our leadership's vision for Abu Dhabi and have entered into a number of strategic partnerships under various pillars of the Ghadan 21 program. We recently partnered with the Department of Urban Planning and Municipalities and Abu Dhabi Digital Authority to launch 'Buy a home' Tamm Journey to provide customers with a diverse range of hassle-free services related to purchasing a home. We are also contributing to the promotion of private-public partnerships (PPPs) in the education industry, working closely with public academic institutions to provide world-class education in line with international standards. On the innovation front, Aldar, along with other leading Abu Dhabi entities, has pledged support for Hub71's MENA Growth competition, an initiative of MIT Enterprise Forum Pan Arab. In the medium term, we expect the introduction of new business licenses and ease of doing business initiatives to attract more companies and investors to Abu Dhabi, in turn increasing demand for both commercial and residential space and stimulating the real estate sector. Looking ahead, we expect this AED50-billion accelerator program to ultimately boost investment and innovation, create jobs, and improve the overall quality of life in the Emirate.
What opportunities does the Abu Dhabi real estate market offer overseas buyers and investors?
The new residency laws and simplified process for foreigners to own property are game changers that will further enhance Abu Dhabi's reputation as an attractive destination to live and do business. These new regulations are set to attract overseas buyers to invest in some of the Emirate's most promising residential and commercial projects. Our positive results in the first six months of 2019—which demonstrated continued profit growth—are a reflection of the positive impact of these initiatives and the strong fundamentals of both the sector and our business. We see growing interest from international buyers and investors, and, as such, our strategy is focused on leveraging our success globally and unlocking unrealized potential.
What was the thinking behind the recent restructuring of Khidmah and the establishment of Provis?
Aldar places customers at the heart of everything it does, and enhancing their experience in every interaction with us is key. As such, the decision to establish Provis, an entity to deliver market-leading, innovative estate management solutions to clients across the UAE, is perfectly aligned with our mission to create exceptional and memorable experiences for our customers. It allows us to offer our customers a more streamlined, integrated, and efficient service and apply innovative solutions and cutting-edge technology to add tangible value to properties at every stage of the property life cycle.