Aldar Jumps as Abu Dhabi Signs Off on $12 Billion in Deals

(Bloomberg) -- Aldar Properties PJSC climbed the most in almost three months after Abu Dhabi signed off on deals worth $12.3 billion.

The company will take on management of 30 billion dirhams ($8.2 billion) in developments and provide oversight for projects worth 10 billion dirhams in education, health-care and infrastructure. Aldar will also manage 5 billion dirhams of projects that were awarded by the government in 2019.

The shares rose as much as 15% shortly after trading started and closed 8.1% higher at 3.60 dirhams, the highest level since 2014. Abu Dhabi’s benchmark index gained 0.3%.

As part of its efforts to diversify, Aldar has been investing in a fee-based, development management division to manage buildings for clients. Aldar initially announced the 30 billion-dirham deal to build more than 25,000 homes for Emirati citizens in October.

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