Skip to content Skip to Search
Skip navigation

Aldar awards $6bn contracts for Abu Dhabi projects

By Pramod Kumar
Aldar Properties
Aldar awarded development contracts to 36 UAE-based companies

Abu Dhabi’s largest-listed property developer Aldar awarded 49 contracts worth AED22 billion ($5.99 billion) across various projects in 2023.

The contracts comprise infrastructure, residential, commercial, and mixed-use developments, the UAE state-run Wam news agency reported, citing a statement from Aldar Properties.

The contracts were awarded to 36 UAE-based companies. Nearly 50 percent or AED10.5 billion of the contracts were part of the UAE government’s national in-country value programme.  

The awarded contracts will deliver villas, townhouses, apartments, Grade A offices, retail spaces, schools, and major highways within some of Abu Dhabi’s key growth areas, including Yas Island, Saadiyat Island, and Al Shamkha. 

Nearly 53 percent of the contracts were awarded for Aldar-owned projects, while the remaining 47 percent are projects being delivered on behalf of the Abu Dhabi government.

Adel Abdulla Albreiki, CEO of Aldar Projects, said that the significant value of contracts awarded represents Abu Dhabi’s ongoing and accelerated development.

The developer said that sustainability is integral to its procurement process, as it ensures contractors are positively contributing to its net zero commitments, such as low carbon design, low carbon supply chain, green construction, and a circular economy. 

Earlier this week, Aldar said it would invest AED5 billion to develop a range of commercial, retail, hospitality and logistics assets within its prime real estate projects in the capital.

The assets, part of the developer’s investment portfolio, will be delivered in phases between 2025 and 2027.

As part of its pan-European real estate strategy, Aldar partnered with US-headquartered investment firm Carlyle to invest AED407 million in
logistics and storage assets in Europe.

The investment includes the Carlyle Europe Realty platform, a pan-European
real estate strategy, and acquiring a majority stake in a co-investment
platform of an income-producing portfolio of 14 warehouses across key
logistics hubs in the UK.

Latest articles

Iraq budget deficit, Iraq oil exports, Iraq oil, Iraq budget, Iraq oil revenue

Iraq risks higher budget deficit after oil sales fall short

Iraq’s budget deficit could be higher than forecast after the Opec member reported $92 billion in oil exports — less than expected — for the first 11 months of last of year. In June its parliament approved 2024 spending of around $163 billion, with revenue forecast at nearly $123 billion. This left a budget deficit […]

Qatar racecourse Racing and Equestrian Club Doha

Contractors invited to bid for Qatar racecourse expansion

Qatar has started inviting contractors to bid on the expansion of its second-largest horse racecourse. The design and build contract covers the development of the fourth phase of the Al Uqda equestrian complex. This covers expansion of the existing track, a new straight racecourse, an additional grandstand of 5,000 square metres for spectators, a new […]

McDonald's enjoyed a rebound in sales in the final quarter of last year

McDonald’s sales rebound in Middle East as boycott impact fades

McDonald’s recorded sales growth in the Middle East in the fourth quarter of last year as the impact of boycotts tied to the Gaza war faded. This helped the US burger giant offset weaker performance elsewhere in the world. The fast food chain posted a 4.1 percent rise in Q4 sales in its international developmental […]

An Emirates plan fills up with sustainable aviation fuel before a test flight. Fuel compliance costs could reduce the airline's margins

Arab airlines criticise EU over cost of green fuel policy

Arab airlines have criticised the European Union for its policy on cleaner aviation fuels, which they say could drive their costs up by more than a quarter over the next eight years. The Arab Air Carriers’ Organisation (AACO) says the EU’s aviation sustainability policies involve inconsistencies that unfairly penalise non-European airlines and drive up costs […]

Employees at a government building in Damascus. The US has kept sanctions in place on Syria's central bank

Sanctions on Syrian banks choke economic recovery

Western sanctions on Syria’s banking sector are preventing critical investments in the war-ravaged economy, the country’s investment chief said. This is despite huge interest from Syrian and foreign investors since the fall of Bashar Al-Assad. “Sanctions have stopped everything. Right now, they are primarily on the Syrian people and are increasing their suffering,” Ayman Hamawiye, […]

A shopper at Bahrain duty free. The company’s board has recommended a cash dividend of BD4.9 million for 2024

Bahrain duty free operator’s 2024 earnings rise 17%

Bahrain Duty Free Shop Complex, the operator of duty free shopping at the country’s international airport, said net profit increased 17 percent to BD5 million in 2024 compared to BD4.3 million a year ago. Total income increased to BD3.4 million, rising 44 percent year on year. Profits from investments reached BD6.1 million last year, up […]

Tabby may raise additional cash before its listing after being valued at $1.5bn in its funding round in 2023

Tabby hires three global banks for Saudi listing

Tabby, the buy-now-pay-later startup backed by Abu Dhabi sovereign wealth fund Mubadala, has appointed three global banks to oversee its potential initial public offering (IPO) on the Saudi stock exchange. The company has brought in HSBC Holdings, JPMorgan Chase. and Morgan Stanley to finalise the flotation process, Bloomberg reported, citing informed sources. The plans are still in the early […]

Advertisement, Poster, Adult

Mashreq: inspired by your vision, empowering your success

Founded in 1967, Mashreq is the UAE’s oldest bank. Its deep-rooted industry knowledge and experience in an increasingly dynamic financial landscape make it uniquely equipped to meet its corporate clients’ needs. Operating across key regions including Mena, Asia, Europe and the US, Mashreq Corporate leverages its international network, industry insights and operational flexibility to help […]

Advertorial
Emirates Airline A380s being assembled at the Airbus factory in Toulouse, France

Airbus expects Middle East aircraft fleet to double by 2043

Aircraft manufacturer Airbus expects fleet size in the Middle East to more than double in the 18-year period to 2043, the world’s third-fastest rate after China and the Asia-Pacific region. In its latest Global Market and Services Forecast, Airbus said Middle East demand, led by airlines in the Gulf, is estimated at 3,740 new aircraft […]

Adnoc Distribution said fuel volumes rose 8.7 percent year-on-year to 15 billion litres in 2024

Adnoc Distribution to spend billions on M&A deals

Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is looking to deploy $2 billion in potential mergers and acquisitions in the Middle East and beyond, a senior executive has told AGBI. Athmane Benzerroug, Adnoc Distribution’s chief strategy, transformation & sustainability officer, said on Tuesday that with a free cash flow of more than $700 […]

Adnoc will sign an LNG supply deal with BPCL during the four-day India Energy Week conference

Adnoc to sign LNG deal with India’s BPCL

State-run Abu Dhabi National Oil Company (Adnoc) will supply 2.5 million tonnes of liquefied natural gas (LNG) to India’s Bharat Petroleum Corporation (BPCL) under a new five-year deal, sources with knowledge of the matter have said. Indian’s state refiner will receive 40 cargos of LNG under the five-year contract with supplies beginning in April. In […]

Lulu said net profit in the fourth quarter fell 57 percent to $65 million due to higher lease expenses in Saudi Arabia and Qatar

Lulu’s 2024 profit strong but fourth quarter takes a hit

Lulu Retail, the largest grocery retailer in the GCC, said 2024 net profit rose 12 percent to $249 million from $222 million in 2023, thanks to new store rollouts and improved margins. Revenue increased 5 percent year on year to $8 billion, driven by strong performance in Oman, the UAE and Saudi Arabia, the company […]