Abu Dhabi - UAE: The Government of Abu Dhabi and Aldar Properties (Aldar) have agreed an exchange of land assets in a transaction that redistributes developable land resources in line with both the Government and Aldar respective strategic priorities.
The agreement, which is being implemented by the Department of Municipalities and Transport, contributes to the Government of Abu Dhabi’s strategy of close collaboration with the private sector to manage real estate supply and ensure stable and sustainable development of the market. The real estate sector is a key enabler of sustainable growth and economic diversification in Abu Dhabi.
As per the agreement, which will be implemented from December 2019, land with total developable gross floor area (GFA) of approximately 6 million sqm will be exchanged. The Government of Abu Dhabi will receive land on Al Raha Beach, Lulu Island and other land parcels on Abu Dhabi island in non-investment zones. Aldar will receive infrastructure enabled land plots in the Saadiyat cultural district and Mina Zayed, which closely match the company’s key areas of focus for future development.
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For further information, please contact:
Media
Nick Farmer
Aldar Properties
+971 2 810 5555
Joudi Issa
Brunswick
+971 2 234 4600
ALDAR@brunswickgroup.com
About Aldar
Aldar Properties PJSC is the leading real estate developer in Abu Dhabi with USD10 billion in assets, 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 more information on Aldar please visit www.aldar.com
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