Abu-Dhabi based developer Aldar Properties announced it has awarded an AED 155 mn early works contract for its Yas Acres waterfront development to Bauer Geotechnical Specialized Foundation, according to a statement from Aldar on Wednesday. Yas Acres is an AED 6 bn development announced at Abu Dhabi Cityscape earlier this year. Bauer Geotechnical Specialized Foundation, a unit of the German multinational Bauer Group, is a groundwater equipment and service provider.
Aldar stated the awarding of the works contract to Bauer Geotechnical Specialized Foundation within six months from the announcement of the Yas Acres development was in compliance with the new Abu Dhabi Real Estate Law. Yas Acres sales and purchase agreements were the first to have been registered with the relevant authorities under the new law, according to Aldar.