Aldar completes $179m Abu Dhabi tower purchase

Aldar Properties has completed the acquisition of a tower in Abu Dhabi with tenants that include BAE Systems and McKinsey. (Photo courtesy of Aldar)
Updated 20 December 2017
0

Aldar completes $179m Abu Dhabi tower purchase

LONDON: Aldar Properties has completed the acquisition of International Tower in Abu Dhabi for 658 million dirhams ($179 million).
The Abu Dhabi-based developer said the building, which is located in the city’s Capital Gate district, would immediately contribute to its operating income. It did not disclose the seller.
Aldar CEO Talal Al-Dhiyebi said: “The acquisition of International Tower clearly demonstrates our belief in the strength of Abu Dhabi’s commercial real estate market.”
Like other big property developers in the UAE, Aldar wants to boost its recurring revenues instead of focusing on land and building sales, in an effort to reduce its exposure to boom-bust shocks.
The developer controls a real estate portfolio it estimates to be worth about $4.9 billion and which includes shopping malls, housing and hotels.
Tenants of the building include defense company BAE Systems and management consultancy McKinsey.
The Abu Dhabi office market has been hard hit by job cuts — especially in the energy, property and financial services sectors over the last year.
Total office stock remained largely unchanged in the third quarter according to the latest available research from real estate consultancy JLL.
“Developers remain cautious due to subdued demand for additional office space,” JLL said.


Urgency needed to boost Palestinian economy: IMF chief

Updated 26 June 2019
0

Urgency needed to boost Palestinian economy: IMF chief

  • The MF has been warning of severe deterioration in the Palestinian economy
  • ‘If there is an economic plan, if there is urgency, it’s a question of making sure that the momentum is sustained’

MANAMA: IMF chief Christine Lagarde said Wednesday that major economic growth was possible in the Palestinian territories if all sides showed urgency, as she took part in a US-led conference boycotted by the Palestinian leadership.
The International Monetary Fund has been warning of severe deterioration in the Palestinian economy, with tax revenue blocked in a dispute with Israel which has also imposed a crippling blockade on the Gaza Strip for more than a decade.
“If there is an economic plan, if there is urgency, it’s a question of making sure that the momentum is sustained,” said Lagarde.
The IMF chief is attending a conference in Bahrain to discuss the economic aspects of a United States plan for Israeli-Palestinian peace, which has already been rejected by the Palestinians as it fails to address key political issues.
Lagarde said for the US plan to work “it will require all the goodwill in the world on the part of all parties — private sector, public sector, international organizations and the parties on the ground and their neighbors.”
Citing examples of post-conflict countries, Lagarde said that private investors needed progress in several sectors including strengthening the central bank, better managing public finance and mobilizing domestic revenue.
“If anti-corruption is really one of the imperatives of the authorities — as it was in Rwanda, for instance — then things can really take off,” she said.
The plan presented by White House adviser Jared Kushner calls for $50 billion of investment in the Palestinian territories and its neighbors within a decade.
The proposals for infrastructure, tourism, education and more aim to create one million Palestinian jobs.
Gross domestic product in the Gaza Strip declined by eight percent last year, while there was only minor growth in the West Bank.
Kushner, opening the conference on Tuesday, called the plan the “Opportunity of the Century” — and said the Palestinians needed to accept it before a deal can be reached on political solutions.
The Palestinian Authority has rejected the conference, saying that the US and Israel are trying to dangle money to impose their ideas on a political settlement.
Washington says it will unveil the political aspects of its peace deal at a later date, most likely after Israel’s September election.