UAE Corporates: Aldar 9-Month Profit Rises to 7.1 Billion Dirhams, DIP Holding Opens Its IPO
Aldar Properties earned 7.1 billion dirhams after tax in the first 9 months of 2026, up 19 percent on a year earlier. Revenue rose 11 percent to 26.2 billion dirhams. In Dubai, subscriptions opened for DIP Holding’s listing on the Dubai Financial Market at 1.10 to 1.15 dirhams a share. Abu Dhabi’s Masdar issued the first blue bond under its medium term note programme, and orders peaked at 1.5 billion dollars.
Aldar: Backlog Conversion Lifts 9-Month Profit 19 Percent
The Abu Dhabi developer said the gain came from converting its sales backlog into revenue and from steady earnings across a diversified portfolio of investment properties. Earnings per share rose 20 percent to 0.77 dirhams. Group EBITDA rose 20 percent to 9.4 billion dirhams.
Profit grew faster than revenue. The 9-month net margin was 27.1 percent and the EBITDA margin 35.9 percent, on our calculation.
The third quarter ran ahead of the 9-month pace. Revenue rose 16 percent to 9.3 billion dirhams and net profit rose 21 percent to 2.3 billion. The quarter supplied 35.5 percent of 9-month revenue and 32.4 percent of 9-month net profit, on our calculation.
Aldar Group Results, 2026
| Measure | 9M 2026 | Q3 2026 |
|---|---|---|
| Revenue | 26.2, +11% | 9.3, +16% |
| Gross profit | 9.6, +19% | 3.4, +23% |
| EBITDA | 9.4, +20% | 3.0, +22% |
| Net profit after tax | 7.1, +19% | 2.3, +21% |
Billion dirhams, with the change on the same period of 2025, as published on 27 October 2026.
Aldar Development lifted 9-month revenue 14 percent to 19.4 billion dirhams. That is 74.0 percent of group revenue, on our calculation. Its EBITDA rose 21 percent to 6.1 billion dirhams, and its EBITDA margin widened to 31.4 percent from 29.2 percent a year earlier, on our calculation from the segment figures.
Sales moved the other way. Group development sales fell 34 percent to 18.9 billion dirhams in the 9 months to 30 September, and UAE sales fell 46 percent to 14.4 billion. Chief Executive Officer Talal Al Dhiyebi said the company took a measured approach to launches in the first half and stepped them up in the third quarter. Aldar introduced 7 projects in that quarter, bringing the year’s total to 12. The company’s 27 October statement put year-to-date sales at more than 20 billion dirhams. UAE sales to overseas and expatriate resident buyers came to 11.3 billion dirhams in 9 months, 78 percent of the UAE total.
Abroad, sales at SODIC in Egypt rose 99 percent to 3.0 billion dirhams. London Square in Britain lifted sales 177 percent to 1.4 billion.
The backlog stood at 71.6 billion dirhams at the end of September. That is 3.7 times 9-month Development revenue, on our calculation. The UAE accounted for 59.3 billion dirhams, or 82.8 percent, on our calculation. The company said an estimated 89 percent of the UAE backlog has been awarded. It handed over almost 2,000 homes in 9 months, more than double the number for full-year 2025, and collected 11.4 billion dirhams of cash.
Aldar Investment, whose assets under management rose to 57 billion dirhams, raised revenue 13 percent to 6.5 billion dirhams. Adjusted EBITDA rose 21 percent to 2.8 billion, and the margin widened to 43.1 percent from 39.7 percent, on our calculation. Investment properties supplied 2.0 billion dirhams of that EBITDA, or 71.4 percent, on our calculation.
Retail adjusted EBITDA rose 71 percent to 719 million dirhams, supported by the consolidation of Yas Mall and The Galleria Luxury Collection under the Aldar and Mubadala retail joint venture. Hospitality adjusted EBITDA fell 15 percent to 179 million dirhams. Hotel occupancy was 57 percent against 69 percent a year earlier. The company said hospitality remains exposed to regional travel disruption and softer international demand, partly offset by strong domestic and corporate bookings. The average daily rate rose 14 percent to 720 dirhams. Education adjusted EBITDA fell 5 percent to 201 million dirhams; schools started a week later this academic year, and excluding that timing effect it rose 4 percent, the company said. Group liquidity was 38.2 billion dirhams at the end of the quarter.
Aldar Segments, 9 Months
| Measure | 9M 2026 | 9M 2025 | Change |
|---|---|---|---|
| Development revenue | 19.4 | 17.1 | +14% |
| Development EBITDA | 6.1 | 5.0 | +21% |
| Group sales | 18.9 | 28.5 | -34% |
| UAE sales | 14.4 | 26.5 | -46% |
| Investment revenue | 6.5 | 5.8 | +13% |
| Investment adj. EBITDA | 2.8 | 2.3 | +21% |
Billion dirhams; changes as published. Sales are development sales in the period.
DIP Holding Sets a Range of 1.10 to 1.15 Dirhams a Share
DIP Holding, the Dubai Investments subsidiary whose planned listing on the DFM was set out earlier this month, set its price range at 1.10 to 1.15 dirhams a share, according to WAM. The range implies a market value of 9.5 billion to 10.0 billion dirhams at listing. Dubai Investments is selling 1,735,243,300 existing shares worth 1.9 billion to 2.0 billion dirhams. It receives the proceeds and, assuming no change to the offer size, keeps an 80 percent stake.
DIP Holding expects to pay annualised cash dividends of 700 million dirhams for 2026, 725 million for 2027 and 750 million for 2028. It intends to pay them twice a year, subject to board recommendation, shareholder approval and distributable reserves. The steps are rises of 3.6 percent and 3.4 percent, on our calculation. The first payment after the offer, 350 million dirhams for the second half of 2026, is expected in April 2027. A pre-IPO dividend of 100 million dirhams, paid to Dubai Investments in September 2026, is excluded from the 2026 figure.
DIP Holding put the 2027 dividend yield at an estimated 7.27 percent at the top of the range and 7.60 percent at the bottom.
DIP Holding owns the developer and operator of Dubai Investments Park, a 23 million square metre site between Jebel Ali Port and Al Maktoum International Airport that earns ground rent from long-term leases to logistics, industrial, residential and commercial tenants. Dubai Investments said on 19 October that ground lease occupancy was an estimated 99.9 percent at the end of June. The business earned revenue of 960 million dirhams and adjusted EBITDA of 678 million in 2025, a margin of 70.6 percent, on our calculation. First-half 2026 revenue was 492 million dirhams, up 1.8 percent, DIP Holding’s offer website shows. Adjusted EBITDA rose 3.8 percent to 355 million, a 72 percent margin against 71 percent a year earlier. Profit for the period grew 6.1 percent to 444 million dirhams. That revenue equals 51.3 percent of the 2025 total, on our calculation.
DIP Holding Offer at Each End of the Range
| Measure | At 1.10 | At 1.15 |
|---|---|---|
| Market value | 9.54 | 9.98 |
| Offer value | 1.91 | 2.00 |
| 2027 dividend yield, company estimate | 7.60% | 7.27% |
Billion dirhams, on our calculation on 8,676,216,500 shares, implied by the offer of 1,735,243,300 shares for 20 percent of the share capital. The published range is 9.5 billion to 10.0 billion dirhams of market value and 1.9 billion to 2.0 billion dirhams of offer value. The 2027 yields are DIP Holding’s estimate on an expected dividend of 725 million dirhams.
Subscription runs from 27 October to 3 November across 4 tranches. The final price is expected on 4 November, and trading on or around 11 November. Dubai Investments and DIP Holding are each subject to a 180-day lock-up after listing, with customary exceptions. If the price falls below the final offer price within 30 calendar days of the first day of trading, the stabilisation manager will use the proceeds from the sale of the stabilisation shares to buy up to the same number of shares in the market at or below that price.
Masdar’s Blue Bond Draws 1.5 Billion Dollars of Orders
Masdar, the Abu Dhabi clean energy company, has issued the 600 million dollar, 5-year blue bond set out earlier with its AA- ratings from S&P and Fitch. Orders peaked at 1.5 billion dollars and the issue was 2.5 times oversubscribed, WAM reported. It was issued on the London Stock Exchange’s International Securities Market.
Masdar updated its Green Finance Framework last month to include eligible blue projects, so it can direct capital to water-related clean energy such as offshore wind. Moody’s again gave the updated framework SQS1, its highest possible Sustainability Quality Score. By the end of 2025 Masdar had allocated 2.3 billion dollars to 30 renewable energy projects with more than 16 gigawatts of gross capacity in 10 countries. Its portfolio of more than 65 gigawatts is more than 65 percent of its 100 gigawatt goal for 2030, on our calculation.
SNOC Completes the First Phase of the Al Hadiba Gas Field
In Sharjah, Sharjah National Oil Corporation (SNOC) completed the first phase of the Al Hadiba gas and condensate field, which it said more than doubles current gas production. Discovered in May 2024 northeast of the Sajaa field, Al Hadiba reached first gas in less than a year. SNOC is preparing the next phase to raise output in 2027 and expects stable production by 2028.
Why it matters: Aldar’s 9 months show profit coming from homes already sold and from assets it owns. In the 9 months to 30 September, Development revenue rose 14 percent to 19.4 billion dirhams and new development sales fell 34 percent to 18.9 billion dirhams. The backlog stood at 71.6 billion dirhams at the end of September. Investment property adjusted EBITDA rose 34 percent. The investment arm’s margin widened to 43.1 percent, on our calculation. DIP Holding brings a ground-rent business with an expected dividend path to the Dubai market, and Masdar’s order book shows investor demand for Abu Dhabi clean energy debt.
Outlook: Subscription for DIP Holding closes on 3 November. The final price is expected on 4 November and trading on or around 11 November. For the fourth quarter, Aldar’s chief executive put the priorities on execution, converting customer demand into sales and progressing its development and investment pipelines. Aldar’s develop-to-hold pipeline stands at 21.3 billion dirhams, which the company said supports future income growth. SNOC is speeding up work on Al Hadiba’s next phase to raise production in 2027.
Sources: Aldar Properties, WAM, DIP Holding, Dubai Investments, The Edge.
