The largest developer in Abu Dhabi, Aldar Properties, invested about AED 22 billion ($5.9 billion) in real estate and enhanced the community’s infrastructure in a year.
According to the developer, on Wednesday, approximately half of the nearly AED 22 billion was allocated to at least 49 contracts given to 36 UAE-based companies. This was done by the national In-Country Value (ICV) program, with AED 10.5 billion going back into the local economy.
To meet the growing demand in the UAE market, the deals aimed to supply more villas, townhouses, apartments, Grade A offices, retail spaces, and schools.
Because the contracts included major highways in strategic locations like Yas Island, Saadiyat Island, and Al Shamkha, they will also improve local infrastructure in the capital of the United Arab Emirates.
“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.
Projects owned by Aldar accounted for about half of the deals (53%) and projects being developed on behalf of the Abu Dhabi government accounted for the remaining 47%.
To satisfy the growing demand for real estate, Aldar started several projects last year. Among the projects are building an office tower, a world-class shopping center called Saadiyat Grove, and more than 2,000 homes on Saadiyat Island.
Some of the projects
Aldar awarded contracts to Trojan General Contracting and Arabian Construction Company (ACC) for the development of the first two phases of the Saadiyat Lagoons, and to Innovo Build for the third phase.
Fibrex was given the contract by Aldar to develop hundreds of units at the Yas Park Gate and Yas Park Views developments on Yas Island. Additionally, ACC was chosen to construct a Grade A office tower on Yas Island.
Nurol was given the contract for the vill and infrastructure work at Fay Al Reeman II, adding 557 new homes to the Al Shamkha area.