The Executive Committee in the Emirate of Abu Dhabi has directed to develop a working mechanism to implement government capital projects. Accordingly, Abu Dhabi Development Holding Company (ADQ) and Aldar Real Estate Company have signed a memorandum of understanding under which Aldar will manage and implement major projects with a total value of approximately 30 billion dirhams.
This comes within the efforts of the Abu Dhabi government in supporting the real estate sector in the emirate, and initiatives of partnership between the public and private sectors, and the largest projects to be undertaken by the house are the Riyadh city project and the North Bani Yas project, in addition to other projects in the Al Ain and Al Dhafra regions, which will collectively include upon completion of their development more Of 25 thousand plots of land and villas for citizens, in addition to the associated infrastructure.
The mechanism also includes Aldar Properties managing administrative supervision of Abu Dhabi General Services Company (Musanada) projects to ensure the consistency of current government capital infrastructure projects. Musanada is currently implementing a range of projects in various fields, such as education, health care, infrastructure, social services, and facilities management.
Aldar expects to complete the project management transition process before the end of this year, which will ensure the continued development of all current projects scheduled to be delivered over the next five years.
“The leading position and strong track record that Aldar enjoys in the real estate sector will contribute to the continuation of the implementation of a number of prominent government projects in the emirate,” said Mohamed Hassan Al-Suwaidi, CEO of ADQ Holding. This agreement, in particular, represents remarkable progress in terms of speeding up the implementation of citizen housing projects and major infrastructure in the emirate. Most importantly, it will coordinate commercial and strategic operations in the sector.
“Aldar has proven its ability over many years to successfully complete prominent residential and commercial projects and major infrastructure projects,” said Talal Al-Dhiyabi, CEO of “Aldar Real Estate”. This transaction is also in line with our development strategy, which will contribute to enhancing our future profit growth. ”
The “Aldar” program to enhance in-country value ensures that the priority of awarding most contracts to local contractors, consultants and suppliers – including small and medium-sized companies – will ensure that the largest possible amount is reinvested in the local economy. At the same time, the development of these projects will be consistent with the sustainability goals of the “Al Dar”, especially with regard to environmental standards, material procurement and worker welfare.
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