Abu Dhabi’s holding company ADQ and Aldar have signed a memorandum of understanding (MoU) for AED 30 million public-private partnership in an effort to support Emirate’s real estate sector and public-private partnership initiatives.
Under the MoU, Aldar will be taking over the management and development of government capital projects which includes Riyadh city project- the largest of all projects- Baniyas North project alongside Al Dhafra, Al Ain, and together including over 25,000 land and villas for associated UAE nationals and infrastructure.
Additionally, Aldar will gain the management oversight of Abu Dhabi General Services (Musanada) projects to ensure consistency of current government capital infrastructure projects.
Talking about the agreement, Mohammed Hassan Al Suwaidi, CEO of ADQ, said that the deal marks significant progress toward the delivery of national housing schemes and infrastructure across the Emirate.
In a statement, CEO of Aldar Properties, Talal Al Dhiyebi remarked at Aldar’s success in delivering a range of major residential, infrastructure, and commercial projects on the behalf of Abu Dhabi’s government with the current agreement aligned with Aldar’s business development strategy.
Notably, Aldar will ensure the development of projects aligned to ADQ’s sustainability objectives along with workers’ welfare, environmental concerns, and material procurement.