A framework between the Abu Dhabi Government and Aldar Properties for the development of capital projects in the emirate has been authorized by the Abu Dhabi Executive Council. The choice was made as a result of the Memorandum of Understanding that was later signed between ADQ and Aldar Properties, which was in response to the Abu Dhabi Executive Committee’s request to create a framework for public-private partnerships for the development of capital projects in the emirate.

As part of the framework, Aldar will assume management of important projects totaling Dh30 billion, including Riyadh City, Baniyas North, and developments in the Al Ain and Al Dhafra regions. Over the next five years, the projects will together deliver about 25,000 dwellings and related infrastructure for UAE nationals. Aldar will also oversee the management of Musanada’s Dh10 billion worth of projects in the areas of infrastructure, social services, healthcare, education, and facilities management.

The initiatives will have a huge positive effect on the economy of Abu Dhabi as a whole. For the majority of contract wins, Aldar’s “in-country value” (ICV) program offers preference to local suppliers, consultants, and contractors, including SMEs.

A total of Dh5 billion worth of infrastructure projects, including Al Falah national housing, Media Zone Abu Dhabi on Yas Island, and Saadiyat infrastructure works, are being managed by Aldar’s fee-based development management firm.

– End –

© All Rights Reserved, Gulf Property News.