Abu Dhabi’s Aldar, ADQ sign pact to develop, manage $8.2bln projects

Abu Dhabi’s Aldar, ADQ sign pact to develop, manage $8.2bln projects

Abu Dhabi's state-owned holding company ADQ will form a  AED 30 billion ($8.2 billion) public-private partnership with real estate developer Aldar for the development and management of government capital projects.The projects include the Riyadh City, Baniyas North project, as well as developments in Al Ain and Al Dhafra, comprising 25,000 land and villa projects with associated infrastructure for UAE nationals.Aldar will also have management oversight of Abu Dhabi General Services Company (Musanada) projects to ensure consistency of government infrastructure projects, the statement said.Mohamed Hassan Al Suwaidi, Chief Executive Officer, ADQ said: “Aldar's real estate sector leadership and strong track record will ensure the continued development of a range of highly important Government projects in Abu Dhabi.“In particular, the agreement marks significant progress toward the delivery of major infrastructure and national