(Bloomberg) -- Aldar Properties PJSC will take over the development and management of projects worth 30 billion dirhams ($8.2 billion) in Abu Dhabi as part of an agreement with a state entity.
The developer signed a memorandum of understanding with ADQ on projects including the Riyadh City, Baniyas North development, and others in the Al Ain and Al Dhafra regions, according to a statement.
Aldar will also have management oversight of Musanada projects ranging from education, health care, infrastructure, social services and facilities management. Musanada provides support services to government entities in Abu Dhabi, the biggest sheikhdom in the United Arab Emirates.
The transaction “will significantly support future profit growth,” Aldar Chief Executive officer Talal Al Dhiyebi said.
It also said:
- The agreement includes developing more than 25,000 land plots and villas for UAE citizens and associated infrastructure
- Aldar expects to complete taking over the management of government projects before the end of 2020
(Adds details from the third paragraph onward)
©2020 Bloomberg L.P.