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Abu Dhabi’s biggest developer Aldar Properties logged around AED 22 billion ($5.9 billion) in investments in one year to expand its real estate portfolio and improve local infrastructure.
The nearly AED 22 billion went to at least 49 contracts awarded to 36 UAE-based companies, with almost half of the value (AED 10.5 billion) being recirculated to the local economy, in line with the national In-Country Value (ICV) programme, the developer said on Wednesday.
The deals were meant to deliver additional villas, townhouses, apartments, Grade A offices, retail spaces and schools to the UAE market, to meet rising demand.
The contracts will also boost local infrastructure in the UAE capital, as they included major highways in key locations, including Yas Island, Saadiyat Island and Al Shamkha.
“Once completed, these projects will not only help to satisfy demand for new residential options in the capital, but also deliver new office and retail spaces, and make the emirate more connected through a series of infrastructure improvements,” said Adel Abdulla Albreiki, CEO of Aldar Properties.
About half of the deals (53%) were awarded for Aldar-owned projects, while the remaining 47% were meant for projects being developed on behalf of the Abu Dhabi government.
Aldar launched a series of projects last year to meet rising demand for properties. The projects include the construction of more than 2,000 homes on Saadiyat Island, a world-class retail destination called Saadiyat Grove and an office tower, among others.
Some of the projects
For the development of the first two phases of Aldar’s Saadiyat Lagoons, Trojan General Contracting and Arabian Construction Company (ACC) bagged the contract, while the third phase went to Innovo Build.
For the development of hundreds of units in Yas Park Gate and Yas Park Views developments on Yas Island, Aldar awarded the contract to Fibrex. ACC also won the deal to build a Grade A office tower on Yas Island.
Vill and infrastructure works at Fay Al Reeman II, which will deliver an additional 557 residential units in the Al Shamkha area, were awarded to Nurol.
(Writing by Cleofe Maceda; editing by Seban Scaria)
