ID :
68436
Tue, 06/30/2009 - 15:20
Auther :
Shortlink :
https://oananews.org//node/68436
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Aldar Properties incorporates three subsidiaries on island project
Aldar Properties, Abu Dhabi's largest real estate developer by market capitalisation, has incorporated three subsidiary companies on Yas Island to meet legal requirements, a senior company executive said on Monday.
"Yas Hotel, Yas Marina and the yacht club have been incorporated following approval from the company's board of directors," Ousama Ghannoum, Aldar's Marketing and Media Director told Gulf News.
"These entities relate to existing Aldar assets. It's a normal business practice for Aldar to establish new company subsidiaries to manage the operations of its development," said Ghannoum.
He said Aldar's market capitalisation as of yesterday was in the vicinity of Dh10 billion.
Shares of Aldar on the Abu Dhabi Securities Exchange fell 4.90 per cent yesterday to close at Dh3.31 per share.
Aldar's development of real estate projects across its portfolio in the emirate of Abu Dhabi is estimated at more than US$72 billion (Dh264.24 billion) in terms of value with the entire portfolio slated to be completed and delivered over a period of seven to ten years.
"Yas Hotel, Yas Marina and the yacht club have been incorporated following approval from the company's board of directors," Ousama Ghannoum, Aldar's Marketing and Media Director told Gulf News.
"These entities relate to existing Aldar assets. It's a normal business practice for Aldar to establish new company subsidiaries to manage the operations of its development," said Ghannoum.
He said Aldar's market capitalisation as of yesterday was in the vicinity of Dh10 billion.
Shares of Aldar on the Abu Dhabi Securities Exchange fell 4.90 per cent yesterday to close at Dh3.31 per share.
Aldar's development of real estate projects across its portfolio in the emirate of Abu Dhabi is estimated at more than US$72 billion (Dh264.24 billion) in terms of value with the entire portfolio slated to be completed and delivered over a period of seven to ten years.
