Aldar awarded over Dhs8.5b in development project contracts

Aldar Properties (Aldar) announced on Tuesday, that contracts awarded across its development projects in 2021 reached more than Dhs8.5 billion.

The volume and value of work undertaken by Aldar in 2021 highlights an economic rebound in Abu Dhabi following the impact of the pandemic in 2020 and a boost to the emirate as a destination to live, work, and play.

Sixteen contracts were awarded spanning infrastructure, residential, commercial, and mixed-use projects in Abu Dhabi. They were awarded to 14 different UAE-based contractors, resulting in a significant contribution to the local economy. Through these contracts, Aldar has created a positive impact via direct and indirect job creation and supported a broad range of local businesses, in line with the UAE’s National In-Country Value (ICV) programme.

The contracts, which include projects within Aldar’s owned and managed portfolio will see a range of residential units, retail spaces, mosques, new and upgraded roads, landscaping, and renovation work delivered within the next 3 years.

Adel Abdulla Albreiki, Chief Executive Officer at Aldar Projects said: “Aldar continues to be a key strategic partner in enhancing Abu Dhabi’s profile as a world-class destination by delivering on owned and managed projects across the capital. Generating a positive impact on the local economy is a core priority for Aldar, so we are proud to support UAE based businesses in such an impactful way.”

“Furthermore, almost all products used by our partners are being sourced locally, which helps circulate additional money back into the local economy and helps mitigate supply chain issues. Our contribution will be further bolstered throughout 2022 as we press ahead with our plans to develop a broad suite of residential, commercial, educational, and retail offerings.”

During 2021, Al Shafar General Contracting (ASGC) was awarded a contract for mixed use development and infrastructure works at Saadiyat Grove and Al Gurm respectively. Fibrex won a contract to develop villas at Noya, Trojan was awarded the villa development contract at Yas Acres, and Nael General Contracting was awarded the contract to develop villas at Wathba.

Infrastructure projects were awarded to National Projects & Construction (NPC), Nael & Bin Harmal Hydroexpert (NBHH), Western Bainoona Group (WBG), and Hilalco. Further projects were awarded to Al Ryum, Gulf Landscape, ATS, Emirates Links, ENGSOL and Dutco.     

Already in 2022, new development project contracts have been awarded to UAE based businesses across two projects on Saadiyat Island, with plans for further work to begin throughout the year.

Aldar’s focus on supporting local businesses is part of its commitment to the National ICV programme. In late 2019, extended the programme to the real estate sector to drive growth and diversification of the UAE economy through increased employment opportunities for UAE nationals and business opportunities for UAE-based companies.

Aldar also encourages its contractors to build their own ICV supply chains to maximise the impact of the programme.

As part of the company’s wider ESG strategy, Aldar’s procurement sustainability strategy includes standards on worker welfare as well as environmental and societal impacts, ensuring that ESG best practices are embedded throughout its supply chain.

Aldar Properties is the leading real estate developer in Abu Dhabi, and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region.

From its beginnings in 2005 through to today, Aldar continues to shape and enhance the urban fabric of the UAE’s Capital City in addition to other key areas of the Emirate.

Aldar develops exciting and innovative projects, such as the internationally recognized HQ building situated in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, in addition to Yas Island’s F1 circuit.

Aldar’s shares are traded on the Abu Dhabi Securities Exchange, and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.

Aldar seeks to create quality, comfortable, desirable destinations that enrich the lives of Abu Dhabi residents as well as tourists within the Emirate. Aldar is playing a leading role in the development and provision of world class retail - Yas Mall, international standard education through Aldar Academies, iconic entertainment venues such as the Yas Marina Circuit, and community amenities across its entire portfolio.