- Aldar Investment’s Q1 revenue grew 9% YoY to AED 859 million, with EBITDA for the quarter increasing 13% YoY to AED 374 million. This was mainly driven by the strong performance of both Retail and Hospitality and Leisure, in addition to higher contributions from the Principal Investments business.
- The Investment Properties Q1 Adj. EBITDA1 increased 8% YoY to AED 299 million demonstrating increased profitability across the portfolio. Occupancy across the diversified portfolio increased to 92% from 87% a year earlier.
- Residential Q1 Adj. EBITDA increased 10% YoY to AED 107 million. The overall portfolio showed continued strength, reaching an occupancy rate of 95%, up from 88% in the same period last year.
- Retail Q1 Adj. EBITDA increased 13% YoY to AED 117 million. Yas Mall achieved 96% occupancy at the end of March, up from 78% from a year earlier, driven by strong demand from retail tenants as a result of the successful mall repositioning and redevelopment. In February, Aldar Investment completed its first investment in Ras Al Khaimah through the acquisition of the 27,000 sqm Al Hamra Mall for AED 410 million with additional development rights for 11,200 sqm of gross floor area and an option to acquire an additional 7,400 sqm for retail and commercial use.
- Commercial Q1 Adj. EBITDA in line with last year at AED 74 million. Occupancy rate across the commercial portfolio stood at 91% as of 31 March 2022.
- In Q2, Aldar Investment introduced a logistics real estate vertical with the acquisition of a 70% equity interest in Abu Dhabi Business Hub. The acquisition marked the creation of Aldar Logistics, which will focus primarily on the United Arab Emirates, with the potential to expand into Saudi Arabia and Egypt.
- The Hospitality and Leisure business witnessed significant growth during the quarter with Q1 EBITDA reaching AED 22 million, up 57% YoY as pent-up demand for leisure travel accelerates and in-person meetings, events, and conferences drive a rise in business travel. In April, Aldar Investment acquired the ultra-all-inclusive Rixos Bab Al Bahr beach resort in Ras Al Khaimah for AED 770 million with additional development rights for 250,000 sq. ft of gross floor area.
- Aldar Education reported a 6% decrease in EBITDA to AED 36 million. This marginal decline was mainly due to additional overheads to support upcoming growth plans, whilst enrolments increased to over 26,300 students. In February, Aldar Education announced a AED 1 billion investment plan to diversify its portfolio of schools and increase the number of students to more than 40,000 by the 2024-2025 academic year.
- The Principal Investments business witnessed a 24% increase in EBITDA, excluding Pivot, reaching AED 16 million. This was largely driven by increased contributions from Provis.
 Adjusted for fair value movements (excluding amortization of leasehold assets) and one-off gains / losses on acquisitions.