Aldar Properties plans to develop $1.3bn worth of projects in Abu Dhabi
Abu Dhabi's Aldar Properties is set to appoint contractors to develop $1.3 billion (AED5bn) worth of social, economic and infrastructure projects in three areas of the emirate, Arabian Business repored.
Appointed by the Abu Dhabi government, Aldar will develop residential communities and commercial destinations in Al Falah and on both Saadiyat Island and Yas Island.
Aldar will complete the remaining infrastructure and public realm works worth AED2bn on Saadiyat Island, which includes roads and utilities that will help further integrate the island into the broader Abu Dhabi metropolitan area.
The developer will also oversee the expansion of Al Falah, a master-planned community developed for UAE nationals. The project will add an additional 899 villas to the existing stock of 4,898 with a total development value of AED 2 billion.
In addition, Twofour54 awarded Aldar a AED1bn contract to develop their new campus located on Yas Island, which will bring a working population of 10,000 to the island.
Aldar will appoint contractors for all three projects immediately, with phased completions starting as early as 2021.
In September 2018, the Abu Dhabi Government outlined details of its accelerator programme Ghadan 21, a three-year programme driving economic development, innovation, ease of doing business and livability in the UAE capital. One of the key tenets of the programme is to develop infrastructure, including transportation, communication and urban development.