Aldar Properties will take over the management and development of government capital projects worth 30 billion dirhams ($8.2 billion) under a memorandum of understanding with state-backed ADQ, the Abu Dhabi Government Media office said.
The projects include Riyadh City, the Baniyas north region, and projects in Al Ain and Al Dhafra regions, the office said on Twitter on Sunday. ADQ is a holding company owned by the Abu Dhabi government.
The public private partnership framework also includes Aldar having management oversight of state agency Abu Dhabi General Services Company, known as Musanada, it said.
As part of the Abu Dhabi Government's efforts to support the emirate's real estate sector and public-private partnership initiatives, the Abu Dhabi Executive Committee directed the development of a PPP framework to implement capital projects in the emirate. pic.twitter.com/By2xEVCdkj— مكتب أبوظبي الإعلامي (@admediaoffice) October 25, 2020