Aldar Properties, Abu Dhabi's biggest listed developer, has teamed up with the Department of Municipalities and Transport to build new residential communities in the emirate, including on an undeveloped island within the northern coast.
The integrated projects – under the public-private partnership (PPP) model – will span more than 20 million square metres across five sites in Abu Dhabi, Aldar said on Tuesday, after its announcement at the Abu Dhabi Infrastructure Summit.
Aldar will be building residential communities in the Muwaylih, Mussaffah, Al Zahiyah and Al Fayah areas, with properties up for sale and to rent at various prices.
Al Mihsinah, east of Ras Ghurab Island, will be transformed into a waterfront community, Aldar said. The value and expected time frames for the developments have yet to be disclosed.
The agreement was signed by Abdulla Al Blooshi, director general of the DMT's Urban Planning and Permits Centre, and Aldar chief executive Talal Al Dhiyebi, in the presence of Suhail Al Mazrouei, Minister of Energy and Infrastructure, DMT chairman Mohammed Al Shorafa and his Aldar counterpart Mohamed Al Mubarak.
The deal is an “important step” in shaping Abu Dhabi’s next phase of urban growth, and reflects the positive long-term fundamentals of the emirate's real estate market and economic growth trajectory, Mr Al Dhiyebi said.
“As the emirate continues to attract residents, businesses and investment, there is a growing need for thoughtfully planned destinations that expand housing choice across multiple market segments while enhancing quality of life,” he said.
The new communities will mirror Aldar’s extensive expertise in developing some of Abu Dhabi’s key destinations, including Saadiyat Island, Yas Island and Al Raha Beach.
Aldar's group chief financial and sustainability officer Faisal Falaknaz had told reporters last month it was planning to launch a new mega development in Abu Dhabi “very soon”.
The company reported a 24 per cent annual jump in its first-quarter profit, after revenue rose on the back of increased home sales.
About 14,000 new homes are expected to be built at the two new developments in Dubai, with a gross development value of more than Dh38 billion ($10.4 billion), Aldar said in February.
Meanwhile, tapping into PPP models has proven successful in developing key infrastructure – tunnels, bridges and housing – in Abu Dhabi, with strict key performance indicators to complete projects in three to five years' time, Maysarah Eid, director general of the Abu Dhabi Projects and Infrastructure Centre (Adpic), told The National.
“International investors are eager to come and invest in Abu Dhabi. We do have a clear processes, clear directions and clear targets to achieve,” said Eid Alobeidli, director of Musataha and PPPs at the Abu Dhabi Investment Office (Adio), which is seeking to expand its co-operation with the private sector.
“Despite the current situation, the environment for investors is always emerging better and strong when it comes to the long term,” he told The National. “We know that investors today are continuing with us when it comes to the investment partnership.
“Our framework has different models where we always accommodate foreign investment to participate. We are looking for developers, we are looking for equity partners and also lenders.”
On Monday, PPP projects worth Dh55 billion were unveiled by Adio and Adpic, aimed at boosting major development in the transport, infrastructure and social sectors. The developments are set to be brought to market in 2026 and 2027.
