Aldar Properties awarded contracts worth more than Dh8.5 billion ($2.3bn) in 2021 for the development of various projects in Abu Dhabi as the UAE’s property market rebounds from the coronavirus pandemic-induced slowdown.
Sixteen contracts were awarded to 14 UAE companies to develop infrastructure, residential, commercial and mixed-use projects in Abu Dhabi, Aldar said on Tuesday. The projects will be delivered within the next three years.
“Through these contracts, Aldar has created 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 company said.
The UAE’s ICV programme is designed to stimulate demand for local products and services, support domestic manufacturers and attract foreign direct investment into the country's industrial sector. It is expected to create between 90,000 and 120,000 jobs in the UAE and contribute an additional Dh51bn to Dh54bn to local GDP by 2031, officials said in December.
“Generating a positive impact on the local economy is a core priority for Aldar,” said Adel Abdulla Albreiki, chief executive at Aldar Projects. “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. “
Companies including Al Shafar General Contracting, Fibrex, Trojan, Nael General Contracting, National Projects & Construction, Western Bainoona Group, Dutco and Hilalco won contracts to develop projects in Abu Dhabi.
Aldar Properties unveiled several new projects last year as the property market began to record strong investor demand. In November, the company started the last phase of its Yas Acres development, Dahlias, consisting of 120 villas, duplexes and town houses that are available for purchase by all nationalities.
Other projects launched by the company last year include Magnolias on Yas Acres and Saadiyat Reserve, The Dunes, among others.
Last month, the company unveiled a Dh1.8bn sustainable city project with 864 units on Yas Island. it is expected to be complete in 30 months.
The company’s contribution will be “bolstered throughout 2022 as we press ahead with our plans to develop a broad suite of residential, commercial, educational, and retail offerings", Mr Abdulla Albreiki said.
The capital values of villas and apartments in Abu Dhabi rose to their highest level in five years in the fourth quarter of 2021, underpinned by a broader recovery in the UAE economy, according to property consultancy ValuStrat.
The ValuStrat Price Index for Abu Dhabi, which monitored five villa communities and five apartment areas in the emirate, jumped 11 per cent on an annual basis to 70.2 points in December.
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