The Executive Committee of Abu Dhabi directs the development of a public private partnership framework to implement capital projects in the emirate

• The framework aims to benefit from the expertise of the private sector and support the real estate sector
• The framework includes Aldar taking over the management of several government capital projects projects worth AED 30 billion 

Abu Dhabi: As part of the Abu Dhabi Government's efforts to support the emirate's real estate sector and public-private partnership initiatives, the Abu Dhabi Executive Committee directs  the development of a public private partnership framework to implement capital projects in the emirate.

In this context, ADQ and Aldar signed a memorandum of understanding under which Aldar will take over the development and management of government capital projects with a total value of approximately AED 30 billion, the largest of which is the Riyadh City project and the Baniyas North project as well as other projects in Al Ain and Al Dhafra regions, which will together include more than 25,000 land and villas for UAE Nationals and associated infrastructure.

Aldar will also have management oversight of Musanada’s projects to ensure consistency of existing government capital infrastructure projects. Musanada currently has a large pipeline of active projects ranging from education, healthcare, infrastructure, social services, and facilities management.

Aldar expects to complete taking over the management of the government projects before the end of this year, ensuring that all existing projects, which are scheduled to be delivered over the next five years, will continue to be developed.

H.E. Mohamed Hassan Al Suwaidi, Chief Executive Officer, ADQ said: “Aldar’s real estate sector leadership and strong track record will ensure the continued development of a range of highly important Government projects in Abu Dhabi. In particular, the agreement marks significant progress toward the delivery of major infrastructure and national housing schemes across the emirate. Importantly, it aligns commercial and strategic operations in the sector.”

Talal Al Dhiyebi, Chief Executive Officer, Aldar Properties said: “We have proven over many years our ability to successfully deliver a range of major residential, commercial and infrastructure projects on behalf of the Government of Abu Dhabi. The transaction, which is fully aligned with our business development strategy, will significantly support future profit growth.”

Aldar’s ‘In-Country Value’ programme (‘ICV’) will ensure that the majority of contracts are prioritised towards local contractors, consultants, suppliers - including SMEs - to ensure as much as possible is reinvested into the local economy.  At the same time Aldar will ensure the development of these projects is aligned to the Company’s sustainability objectives, especially with regards to environmental standards, materials procurement and workers’ welfare.

-Ends- 

For further information, please contact:
For Aldar Properties
Media / IR
Obaid Alyammahi
+971 2 810 5555 

Joudi Issa
Brunswick
+971 2 234 4600
ALDAR@brunswickgroup.com  

About ADQ

Established in Abu Dhabi in 2018, ADQ is one of the region's largest holding companies with direct and indirect investments in more than 90 companies. Its portfolio of major enterprises span key sectors across Abu Dhabi's economy, including food and agriculture, aviation, financial services, healthcare, industries, logistics, media, real estate, tourism and hospitality, transport and utilities.

As a strategic partner of the Government, ADQ is committed to accelerating the transformation of the emirate into a globally competitive and knowledge-based economy. It is both an asset owner and investor in target sectors, locally and internationally, which align with Abu Dhabi leadership's vision. 

About Aldar

Aldar Properties PJSC is the leading real estate developer in Abu Dhabi, 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 or follow us on:

   

© Press Release 2020