PHOTO
AED155 million early works package awarded to Bauer Geotechnical Specialized Foundation LLC
Abu Dhabi, UAE - Aldar Properties PJSC (Aldar), Abu Dhabi’s leading listed property development, investment and Management Company, announces that it has awarded the early works package, valued at AED 155 million, for its flagship golf and waterfront development, Yas Acres, to Bauer Geotechnical Specialized Foundation LLC.
Commenting, Talal Al Dhiyebi, Chief Development Officer, Aldar Properties, said: “We are pleased to be able to award the early works package for Yas Acres within six months of launching our flagship development. This is a clear endorsement of the commitment from Aldar and its partners to deliver a best in class development that is fully compliant with the new Real Estate Law in Abu Dhabi. This is an important milestone, and we look forward to Yas Acres being completed, and for our customers to be able to call it home.”
Demonstrating Aldar’s compliance with the Abu Dhabi Real Estate Law which came into force at the beginning of 2016, the award of this contract comes within six months of Aldar launching the AED 6 billion development at Abu Dhabi’s Cityscape. Furthermore, Sales & Purchase agreements for Yas Acres are the first to have been registered with Abu Dhabi Municipality, underlining the positive impact of the Real Estate Law and its ongoing implementation.
-Ends-
About Aldar
Aldar Properties PJSC is the leading real estate developer in Abu Dhabi with USD10 billion in assets, a 75 million sq. m land bank, and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region.
From its beginnings in 2005 through to today, Aldar continues to shape and enhance the urban fabric of the UAE’s Capital City in addition to other key areas of the Emirate.
Aldar develops exciting and innovative projects, such as the internationally recognized HQ building situated in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, in addition to Yas Island’s F1 circuit.
Aldar’s shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.
Aldar seeks to create quality, comfortable, desirable destinations that enrich the lives of Abu Dhabi residents as well as tourists within the Emirate. Aldar is playing a leading role in the development and provision of world class retail - Yas Mall, international standard education through Aldar Academies, iconic entertainment venues such as the Yas Marina Circuit, and community amenities across its entire portfolio.
Aldar is driven by a vision to be the most trusted and recognized real estate lifestyle developer in Abu Dhabi and beyond.
For further information, please contact:
Media:
Nick Farmer/ Obaid Al Yammahi
Aldar Properties
+971 2 810 5555
Layla Haroon
Bell Pottinger
+971 55 636 0425
© Press Release 2016
