Abu Dhabi’s Aldar and ADQ agree to develop and management $8.1bn worth of government capital projects
Aldar will also have management oversight of Musanada’s projects, so as to ensure consistency of existing government capital infrastructure projects
Aldar, the Abu Dhabi-based property developer, has said that an agreement has been reached with ADQ, a holding company with a broad portfolio of major enterprises that span key sections of Abu Dhabi’s diversified economy, for the development and management of government capital projects worth $8.1 billion across the emirate.
The largest of the projects is the Riyadh City and the Baniyas North developments, in addition to other projects in Al Ain and the Al Dhafra region, which will together include more than 25,000 residential plots and villas for UAE nationals, along with the associated infrastructure, a WAM report said.
Mohamed Hassan Al Suwaidi, CEO, 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.”
Furthermore, Aldar will have management oversight of Musanada’s projects, so as 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.
Talal Al Dhiyebi, CEO, Aldar Properties, added: “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.
