Abu Dhabi: The Abu Dhabi Executive Council has given its consent for the framework between Abu Dhabi Government and Aldar Properties for the development of big-budget projects in the emirate.
The verdict follows the recommendation of the Abu Dhabi Executive Committee to build a public-private partnership framework for the growth of huge projects in the emirate and the subsequent Memorandum of Understanding signed between ADQ and Aldar Properties.
The framework contains Aldar taking on the management of about Dh30 billion worth of vital projects such as Riyadh City, Baniyas North, and developments in the Al Ain and Al Dhafra regions.
All together the projects will bring approximately 25,000 homes UAE Nationals along with the associated infrastructure over the forthcoming five years. In addition, Aldar will provide management oversight of Dh10 billion worth of Musanada’s projects, in education, healthcare, infrastructure, social services, and facilities management.
While having a conversation Abu Dhabi Government Media Office said “The projects will provide a significant positive impact on the wider Abu Dhabi economy. Aldar’s ‘in-country value’ (ICV) program gives priority to local contractors, consultants, and suppliers – including SMEs – for most contract awards”.