AED 258 million main contract package awarded to Fibrex LLC
Abu Dhabi, UAE - Aldar Properties PJSC ('Aldar'), Abu Dhabi's leading listed property development, investment and management company, announces that it has awarded the main contractor package, worth AED 258 million, to Fibrex LLC for its mid-market Shams Meera residential development in Shams Abu Dhabi on Reem Island.
The contract, which commences with immediate effect, comprises the construction of two 25-storey towers overlooking a landscaped park. The buildings, consisting of 400 apartments will share an underground basement car park, a garden area, swimming pools and a children's play area. The surrounding neighbourhood includes canal walks, parks, a public beach, community mosques, schools and hospitals, healthcare facilities, and retail outlets.
H.E Mohamed Khalifa Al Mubarak, Chief Executive Officer at Aldar Properties, commented:
"From day one the response to Shams Meera has been really encouraging, showing us that there is significant demand for high quality mid-market homes in Abu Dhabi's prime destinations. Shams Meera, located adjacent to Abu Dhabi's thriving CBD will offer an enriched community living experience, and we look forward to the development's completion and the positive impact it will have on Shams Abu Dhabi and surrounding area."
Launched in June 2015, Shams Meera is a high quality residential offering in one of Abu Dhabi's most desirable destinations, Shams Abu Dhabi. The development benefits from a convenient central location, just a short walking distance away from the planned Shams Park, the Shams Marina and the East Shams public beach amenities, and in close proximity to The Gate & Arc Towers, and Sun and Sky Towers.
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About Aldar
Aldar Properties PJSC is the leading real estate developer in Abu Dhabi with USD10 billion in assets, a 75 million sq. m land bank, and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region.
From its beginnings in 2005 through to today, Aldar continues to shape and enhance the urban fabric of the UAE's Capital City in addition to other key areas of the Emirate.
Aldar develops exciting and innovative projects, such as the internationally recognized HQ building situated in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, in addition to Yas Island's F1 circuit.
Aldar's shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.
Aldar seeks to create quality, comfortable, desirable destinations that enrich the lives of Abu Dhabi residents as well as tourists within the Emirate. Aldar is playing a leading role in the development and provision of world class retail - Yas Mall, international standard education through Aldar Academies, iconic entertainment venues such as the Yas Marina Circuit, and community amenities across its entire portfolio.
Aldar is driven by a vision to be the most trusted and recognized real estate lifestyle developer in Abu Dhabi and beyond.
www.aldar.com
For further information, please contact:
Media:
Nick Farmer
Aldar Properties
+971 2 810 5555
Asala Faddah
Bell Pottinger
+971 5555 97392
© Press Release 2016
