Abu Dhabi’s state-owned holding company, ADQ, will form a USD 8.2 bn public-private partnership with real estate developer Aldar for the development and management of government capital projects, Zawya reports.
The projects include the Riyadh City, Baniyas North Project, as well as developments in Al Ain and Al Dhafra, comprising 25,000 land and villa projects with associated infrastructure for UAE nationals.
Aldar will also have management oversight of Abu Dhabi General Services Company (Musanada) projects to ensure consistency of government infrastructure projects, according to Zawya.
On his part, Chief Executive Officer ADQ Mohamed Hassan Al Suwaidi says, “Aldar’s real estate sector leadership and strong track record will ensure the continued development of a range of highly important Government projects in Abu Dhabi.”
“In particular, the agreement marks significant progress toward the delivery of major infrastructure and national housing schemes across the emirate. Importantly, it aligns commercial and strategic operations in the sector”, he adds.