ALDARSAutomated Lighting Detection & Reporting System
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Richard Hogg, the CEO at Tejari, said, "Forward thinking organisations such as Aldar Properties recognise the tremendous impact procurement can make on an organisations overall growth and profitability.
Tejari played a major role towards the implementation of the application, offering end-user training and support to Aldar Properties in order to ensure the successful adoption of the platform across the organisation.
Aldar Investments is a fully-owned subsidiary of Aldar Properties, whose shares are also listed on the ADX.
ADX CEO Rashid Al Blooshi, and Aldar CEO Talal Al Dhiyebi rang the bell to mark the dual listing of the sukuk.
Greg Fewer, CFO of Aldar, said the goal for Aldar Investments is to be the most cost-efficient platform for real estate ownership in the region.
On the positive side, Aldar's debt dropped significantly, which is a good sign, going forward," he added.
Aldar's stock on the Abu Dhabi Securities Exchange fell 3.33 per cent yesterday, closing at Dh1.45.
Revenues at Aldar's operational businesses, such as operative villages, schools and hotels, also increased, generating Dh233.8 million.
"The company's liquidity position remains very strong with Dh3.2 billion in unrestricted cash and Dh4 billion of undrawn and available liquidity from our revolving credit facility," Aldar added.
As regards its proposed merger with Sorouh Real Estate, Aldar said the proposed merger will create a "stronger and more diversified company to take advantage of future opportunities in Abu Dhabi and other regional markets in the coming years."