Abu Dhabi’s Executive Council has approved a framework between Abu Dhabi Government and Aldar Properties for the development of capital projects worth $12.25 billion in the emirate, it has been announced.
According to a WAM report, the decision follows the recommendation of the Abu Dhabi Executive Committee to establish a public-private partnership framework for the development of capital projects in the emirate and the subsequent memorandum of understanding signed between ADQ and Aldar Properties.
The report explained that the framework agreement will include Aldar taking on the management of $8.16 billion worth of major projects such as Riyadh City, Baniyas North and other developments in the Al Ain and Al Dharfa regions.
The projects are expected to collectively deliver 25,000 homes for UAE nationals, as well as associated infrastructure over the next five years. In addition, Aldar will provide management oversight for $2.72 billion worth of Musanada projects in education, healthcare, infrastructure, social services, and facilities management.
These projects aim to provide a significant boost to the wider Abu Dhabi economy, with Aldar’s ‘in-country value’ programme giving priority to local contractors, consultants, and suppliers – including SMEs – for most contract awards.
The report adds that Aldar’s fee-based development management business is also managing $1.36 billion worth of infrastructure projects awarded by the Abu Dhabi government in 2019, including Al Falah national housing, Media Zone Abu Dhabi on Yas Island and Saadiyat infrastructure works.