Aldar, ADQ sign pact on $8.2bn of Abu Dhabi projects
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Aldar, ADQ sign agreement on Dhs30bn of Abu Dhabi projects

Aldar, ADQ sign agreement on Dhs30bn of Abu Dhabi projects

Aldar will also have management oversight of Musanada projects ranging from education, healthcare, infrastructure, social services and facilities management

Gulf Business

Abu Dhabi-based property developer Aldar Properties will take over the management of several government capital projects worth Dhs30bn ($8.2bn), as part of an agreement with holding company ADQ.

ADQ and Aldar signed a memorandum of understanding on projects that include the Riyadh City, Baniyas North project and others in Al Ain and Al Dhafra regions, which together include more than 25,000 plots of land and villas for UAE nationals along with associated infrastructure.

The framework aims to benefit from the expertise of the private sector and support the real estate sector.

Aldar will have management oversight of Musanada’s 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 2020, while ensuring that all existing ones scheduled to be delivered over the next five years will continue as planned.

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.”

“The transaction, which is fully aligned with our business development strategy, will significantly support future profit growth,” noted Talal Al Dhiyebi, CEO, Aldar Properties.

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.

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