Aldar to take over $8.2bln of government capital projects in Abu Dhabi

The projects include Riyadh City, the Baniyas north region, and projects in Al Ain and Al Dhafra regions

  
Image used for illustrative purpose. Skyscrapers in Corniche Bay in Abu Dhabi, UAE. Turquoise water is seen on the left.

Image used for illustrative purpose. Skyscrapers in Corniche Bay in Abu Dhabi, UAE. Turquoise water is seen on the left.

Getty Images

DUBAI- Aldar Properties will take over the management and development of government capital projects worth 30 billion dirhams ($8.2 billion) under a memorandum of understanding with state-backed ADQ, the Abu Dhabi Government Media office said.

The projects include Riyadh City, the Baniyas north region, and projects in Al Ain and Al Dhafra regions, the office said on Twitter on Sunday. ADQ is a holding company owned by the Abu Dhabi government.

The public private partnership framework also includes Aldar having management oversight of state agency Abu Dhabi General Services Company, known as Musanada, it said.

($1 = 3.6728 UAE dirham)

(Reporting by Yousef Saba; Editing by Catherine Evans) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))


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