New technology to benefit ALDAR's developments
JV to capitalize on MENA's $2 trillion construction market
Abu Dhabi - ALDAR Properties, the leading Abu Dhabi-based integrated property, investment, and management company, is introducing a new payment management system that is set to revolutionize cash flow management and cost effectiveness of construction projects in the UAE and the region.
The ground-breaking technology will be introduced by a joint venture between ALDAR Properties and Textura Corporation, the creator of the new payment management process in the construction industry. The joint venture agreement signed recently by Ronald Stephen Barrott, CEO of ALDAR Properties, and Patrick Allin, CEO of Textura, sets the stage for the introduction of the new technology for the first time to the entire MENA region.
The joint venture will provide the technology within all ALDAR developments and will make it available to other developers in the region to use the ground-breaking system. The joint venture will seek to capitalize on the construction market in MENA region, estimated at about $2 trillion US dollars.
Textura is an innovative on-line system that enables real-time invoicing, payment, cost tracking, and valuation for construction projects and developments. The service links together the participants and information across the construction supply chain from subcontractor to main contractor to developer, as well as the consultants appointed to each project.
Parties appointed to a construction project can initiate, review and approve construction invoices, payments and compliance information in a real-time environment utilizing a shared database. The system provides the developer and contractor comprehensive cost and cash flow information for the project.
Ronald Barrott, CEO, ALDAR Properties, commented: "The new joint venture reflects ALDAR's commitment to continuously improving the cost effectiveness of our diverse operations. As a leading developer, we are keen to ensure that our developments are managed to the best standards of cost control, performance management, and supply chain management, and that state-of-the-art technology is made available to the construction industry in the UAE and the region at large."
Commenting on the new technology, Patrick Allin, CEO of Textura, said: "To our knowledge there is no similar system in use anywhere in the world. It will revolutionize the existing process, which is largely manual, inefficient, prone to error, and results in poor visibility, delayed payments, and of course disputes.
"The JV will allow Textura to pursue our goal of building a global company. The JV brings together world leading technology with ALDAR, the leading developer in Abu Dhabi and one of the largest in the world," he added.
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About ALDAR Properties:
ALDAR Properties PJSC is a premier real estate development, management and investment company with headquarters in Abu Dhabi, UAE. ALDAR was established to create world-class real estate developments for Abu Dhabi, while providing stable and profitable investment portfolio for all our investors and stakeholders
ALDAR Properties PJSC is spearheading the development of Abu Dhabi; entrusted to create multi-billion Dirham civic projects to develop the capital, establishing new sectors for commerce, housing, retail and leisure. ALDAR's vision is to establish Abu Dhabi as the United Arab Emirate's most dynamic forward-thinking real estate market by creating unique and prestigious developments that can be used as a benchmark of quality, whilst adhering to the cultural and natural heritage of the city.
Since its inception in 2004 through a share offer (IPO) of AED 1.5 billion (USD 408 million) on the Abu Dhabi Securities Exchange, ALDAR has already announced more than USD 72 billion worth of developments. The ALDAR issue, the largest IPO in the history of the UAE at the time, was 448 times oversubscribed and raised an unprecedented AED 373 billion (USD 102 billion) in demand. ALDAR's market capitalization is AED 32.3 billion (US$ 8.7 billion).as of July 24th 2008.Total retail area across all developments is currently over 1.5 million square meters.
The company is owned by leading Abu Dhabi institutions, founder shareholders and individual investors. The current property portfolio includes major developments and re-developments within Abu Dhabi Emirate such as Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building, and the YAS Island project which is to include a Warner Bros and a Ferrari theme park.
ALDAR's first international expansion was announced in August 2007 via a tie-up with South Johor Investment Corp (SJIC) in a deal that represents the largest foreign real estate development in Malaysia. This was followed in October 2007 with plans announced to build a mixed-use development in Kazakhstan.
About Textura Corporation
Textura is the leading global provider of innovative technology solutions in the construction industry. Textura uses internet technology to connect all participants on world scale construction projects allowing them to carry out their critical invoicing, document preparation, approval, document compliance and payment activities in an efficient manner. This results in reduced costs, better information and full transparency.
Since its inception in 2004, Textura has built a business in the US with 14,000 clients and over a third all US commercial construction using Textura's proprietary technology. Textura has operations in the US, Europe and the Middle East with near term expansion plans throughout the Americas and Asia.
For more information, please contact:
Shali Akkaraju
Buchanan Middle East
Tel: +971 (0) 4 369 8559
Email: vyshali.akkaraju@buchananme.com
Mary Khamasmieh
Buchanan Middle East
Tel : +971 04 3698581
Email: mary.Khamasmieh@Buchanan.com
© Press Release 2008
