Abu Dhabi's Aldar, ADQ sign pact to develop, manage $8.2bln projects

The two companies signed a memorandum of understanding as part of Abu Dhabi government's efforts to support the real estate sector and public private partnerships

  
A general view shows the headquarters of Aldar Properties at Al Raha Beach in Abu Dhabi, January 28, 2013.

A general view shows the headquarters of Aldar Properties at Al Raha Beach in Abu Dhabi, January 28, 2013.

REUTERS/Ben Job

Abu Dhabi’s state-owned holding company ADQ will form a  AED 30 billion ($8.2 billion) public-private partnership with real estate developer Aldar for the development and management of government capital projects.

The projects include the Riyadh City, Baniyas North project, as well as developments in Al Ain and Al Dhafra, comprising 25,000 land and villa projects with associated infrastructure for UAE nationals.

Aldar will also have management oversight of Abu Dhabi General Services Company (Musanada) projects to ensure consistency of government infrastructure projects, the statement said.

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, CEO, 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 also said its in-country value (ICV) programme will ensure local contractors, consultants and suppliers, including SMEs, will be given priority when contracts are awarded.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

imogen.lillywhite@refinitiv.com

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