Leading property developer Aldar has reached an agreement with ADQ, a holding company with a broad portfolio of major enterprises, spanning key sectors of Abu Dhabi's diversified economy, for the development and management of government capital projects worth AED30 billion ($8.1 billion) across the emirate.
The largest of the projects is the Riyadh City and the Baniyas North developments in addition to the other projects in Al Ain and Al Dhafra region, which will together include more than 25,000 residential plots and villas for UAE nationals along with the associated infrastructure.
This comes as part of the Abu Dhabi government's efforts to support the emirate's real estate sector and public-private partnership initiatives, with the Abu Dhabi Executive Committee focusing on the development of a public-private partnership framework to implement capital projects in the emirate.
Aldar said that it 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.
ADQ Chief Executive Officer Mohamed Hassan Al Suwaidi 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," he added.
Aldar Properties CEO Talal Al Dhiyebi 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," he added.-TradeArabia News Service