Aldar jumps as Abu Dhabi signs off on $12bn in deals

Aldar jumps as Abu Dhabi signs off on $12bn in deals

Aldar Properties climbed the most in almost three months after Abu Dhabi signed off on deals worth $12.3bn.

The company will take on management of Dhs30bn ($8.2bn) in developments and provide oversight for projects worth Dhs10bn in education, health-care and infrastructure. Aldar will also manage Dhs5bn of projects that were awarded by the government in 2019.

The shares rose as much as 15 per cent shortly after trading started and closed 8.1 per cent higher at Dhs3.6, the highest level since 2014. Abu Dhabi's benchmark index gained 0.3 per cent.

As part of its efforts to diversify, Aldar has been investing in a fee-based, development management division to manage buildings for clients. Aldar initially announced the Dhs30bn deal to build more than 25,000 homes for Emirati citizens in October.

Abu Dhabi Executive Council has approved a capital projects framework between Abu Dhabi Government and Aldar Properties, which includes management of AED30 billion worth of major projects, including Riyadh City, Baniyas North and developments in the Al Ain and Al Dhafra regions. pic.twitter.com/rEaVl8UQYY

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