Aldar Properties, Abu Dhabi’s largest developer, reported a significant 37% year-on-year increase in net profit for the second quarter of 2024, reaching AED 1.8 billion ($490 million). This surge was driven by robust property demand, with quarterly revenue climbing 64% year-on-year to AED 5.3 billion, thanks to strong interest from both overseas and resident expat buyers.

In the first half of 2024, Aldar's profit rose 57% annually to AED 3.3 billion, and revenues jumped 73% year-on-year to AED 10.9 billion. The developer saw impressive development sales momentum, with AED 14 billion in sales for H1 2024, a 21% year-on-year increase, fueled by solid demand for new launches and existing inventory. The company’s development backlog reached AED 39 billion, with the UAE backlog hitting a new high of AED 33.2 billion, ensuring revenue recognition over the next two to three years.