Aldar Properties, a UAE developer, and the Abu Dhabi government have inked a contract for Aldar to handle capital projects totaling 45 billion Emirati dirhams ($12.25 billion) throughout the emirate.
The Abu Dhabi Executive Council reportedly suggested the creation of a public-private partnership framework for the development of capital projects in the emirate, which ultimately led to the agreement with Aldar, according to a report by WAM, the state news agency of the UAE.
Aldar will oversee 30 billion dirhams worth of significant projects, including Riyadh City, Baniyas North, and developments in the Al-Ain and Al-Dhafra regions, as part of the framework. Over the course of the next five years, these projects will produce almost 25,000 houses for UAE citizens.
Aldar will also handle 10 billion dirham worth of projects throughout the emirate in the fields of facilities management, infrastructure, healthcare, education, and social services.
Infrastructure projects totaling 5 billion dirhams, including Al-Falah national housing, Media Zone Abu Dhabi on Yas Island, and Saadiyat infrastructure works, will be managed by Aldar in 2019.
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