In the year to September, the Abu Dhabi-based master developer posted overall sales of Dh9.3 billion - compared to Dh2 billion for the full year 2021.

This means Aldar's net profit for the nine months came in at Dh2.13 billion, up 38 percent compared to the same period last year. This was achieved from revenues of Dh8.07 billion, up 28% year-on-year.

The group's development backlog stood at Dhs14.5 billion at the end of September, compared to a revenue backlog of Dhs9.06 billion, up 55% year-on-year. (In the third quarter alone, revenues reached Dhs2.71 billion, which led to a profit of Dhs601 million.)

Aldar's launch of a series of high-profile projects on Yas Island and Saadiyat Island clearly played a good role. There were also the acquisitions of construction assets in Abu Dhabi and Ras Al Khaimah.

There was also the SODIC acquisition in Egypt that Aldar made in partnership with ADQ. Now, SODIC has made an offer to acquire another Egyptian developer, Orascom Real Estate.

So far, SODIC has contributed Dh924 million in revenue and Dh199 million in EBITDA to Aldar's figures.(Aldar-ADQ owns more than 85% in SODIC).

More cash is expected, with Aldar confirming that Dh5 billion of surplus capital will be "allocated to fund acquisitions over the next 9-12 months". (Aldar has raised a potential interest in GEMS, a Dubai-based school operator that could be sold).

"With a busy Q4-22 activity and tourism season on the horizon, Aldar believes the real estate market will remain strong and prosperous through 2023 as Abu Dhabi continues to position itself as a premier investment destination and a world-renowned place to live, work and visit," the developer said.

"Aldar has demonstrated strength and agility through various economic cycles, continuing to accelerate its sustainable growth during the UAE's bull market while creating long-term value for its shareholders," said Talal Al Dhiyebi, CEO." As such, we intend to maintain the pace of our investment activity in the region, backed by our strong liquidity position and driven by our transformational growth strategy.

"As Abu Dhabi matures as a global investment destination, we will also continue to activate our extensive land bank to maintain our high level of development sales in line with the unplanned sales growth from international and expatriate buyers."

Aldar hasn't lost its appetite for more deals - if any - and the Abu Dhabi-based developer is working hard to secure more. And it's in the next few weeks.

The company plans to complete a series of "solid acquisitions" this quarter or in early 2023. It has enough ammunition - 5 billion dirhams - to achieve those goals. One of them could be Egyptian developer Orascom, which SODIC, owned by Aldar-ADQ, is conducting due diligence on.

On whether the potential deal could also extend to Dubai schools operator GEMS, Greg Fewer, Aldar's chief financial and sustainability officer, said." We will update as soon as we hear something. We do not comment on speculative reports.

"Our managed education business has grown from 8,000 to 33,000 students through our own schools and those we have purchased, and it continues to be a very valuable business. We will continue to invest in it."

Here's what Fewer had to say about the possibilities for Orascom." In Egypt, there is a long runway of growth to achieve. Even with SODIC, there is enough room to grow on the Cairo side (if the Orascom deal happens). We will get more synergies."

Aldar has already secured some jaw-dropping deals this year, notably a Dh3 billion-plus deal for four office towers in Abu Dhabi's global market. There are also resort purchases in Ras Al Khaimah and Abu Dhabi's Nurai Island. adaar has also extracted $1.4 billion from a deal with global asset manager Apollo.