36 UAE firms bag $5.9bln deals from Abu Dhabi’s Aldar Properties

36 UAE firms bag $5.9bln deals from Abu Dhabi’s Aldar Properties

Abu Dhabi’s biggest developer Aldar Properties logged around AED 22 billion ($5.9 billion) in investments in one year to expand its real estate portfolio and improve local infrastructure.

The nearly AED 22 billion went to at least 49 contracts awarded to 36 UAE-based companies, with almost half of the value (AED 10.5 billion) being recirculated to the local economy, in line with the national In-Country Value (ICV) programme, the developer said on Wednesday.

The deals were meant to deliver additional villas, townhouses, apartments, Grade A offices, retail spaces and schools to the UAE market, to meet rising demand.

The contracts will also boost local infrastructure in the UAE capital, as they included major highways in key locations, including Yas Island, Saadiyat Island and Al Shamkha.

“Once completed, these projects will not only help to satisfy demand for new residential options in the capital, but also deliver new office and retail spaces, and make the emirate more connected through a series of infrastructure improvements,” said Adel Abdulla Albreiki, CEO of Aldar Properties.

About half of the deals (53%) were awarded for Aldar-owned projects, while the remaining 47% were meant for projects being developed on behalf of the Abu Dhabi government.

Aldar launched a series of projects last