Abu Dhabi’s Aldar Properties plans to invest AED 5.2bn ($1.4bn) over the next two years, its chief financial officer said on Tuesday after the company revealed a 14.1 percent rise in first-quarter net profit.
The bulk of the outlay will go towards closing out large projects and building infrastructure for new projects, company executives said in a conference call.
Earnings for the three months to 31 March came in at AED 649mn ($176.7mn) against AED 568.7mn in the same period of 2015.
First quarter revenue amounted to AED 1.23bn, up 4.2 percent from AED 1.18bn a year earlier, the company said in a financial statement.
Aldar pre-sold 320 homes in the first three months of the year, valued at about 940 million dirhams.
The company that developed Ferrari world as well as the Yas Marina Formula One circuit in Abu Dhabi unveiled the $1.6bn Yas Acres property development at the recent Cityscape Abu Dhabi.