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Aldar awards $6bn contracts for Abu Dhabi projects

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.

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