Aldar Properties, Abu Dhabi’s largest listed developer, awarded 49 contracts worth Dh22 billion ($6 billion) last year, as it expanded its portfolio amid continued growth in the emirate's real estate market.
Aldar awarded the contracts to 36 UAE-based companies for its infrastructure, residential, commercial, and mixed-use developments across the capital, it said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Almost 50 per cent of the total value – Dh10.5 billion – is being recirculated to Abu Dhabi's economy, in line with the National In-Country Value (ICV) programme, Aldar said.
“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,” Adel Abdulla Albreiki, chief executive of Aldar Projects, said.
Aldar places sustainability as a key credential within its procurement process, ensuring that all contractors are positively contributing to our net zero commitments
Adel Albreiki,
chief executive of Aldar Projects
About 53 per cent of the contracts awarded were for Aldar's own projects, while the remainder are for the developments the company is delivering on behalf of the Abu Dhabi government.
When completed, these projects will add to inventories of villas, townhouses, apartments, Grade-A offices, retail spaces, schools, and major highways within some of Abu Dhabi’s key growth locations, including Yas Island, Saadiyat Island and Al Shamkha, Aldar said.
All Aldar contracts are also aligned with the UAE climate goals and adhere to net zero commitments.
“Aldar places sustainability as a key credential within its procurement process, ensuring that all contractors are positively contributing to our net zero commitments, which encompass a number of critical levers, including low carbon design, low carbon supply chain, green construction and circular economy,” Mr Albreiki said.
The ICV programme, part of the UAE's Projects of the 50, aims to boost the growth of UAE-based industries by redirecting half of government spending on procurements and tender contracts into the national economy by 2031.
It has expanded significantly since the launch and offers growth opportunities for companies in priority sectors, such as heavy industries, space technology, hydrogen and medical technology.
The property market in the UAE bounced back strongly from the pandemic-driven slowdown in 2021 and it has maintained a robust growth momentum.
Aldar, the developer behind Abu Dhabi's Formula One circuit and other developments in the emirate, awarded Trojan General Contracting in partnership with Arabian Construction Company (ACC), a contract on Saadiyat Island to develop the first two phases of Saadiyat Lagoons. The third phase was awarded to Innovo Build.
In total, more than 2,000 residential units will be developed by the contractors at Saadiyat Lagoons.
On Yas Island, Fibrex was selected to develop homes at Yas Park Gate and Yas Park Views. The project includes the development of 849 units. ACC was awarded a contract to develop a Grade A office tower, responding to the demand for commercial space on Yas Island.
Nurol has been awarded the villa and infrastructure works at Fay Al Reeman II, which will add 557 residential units in the Al Shamkha area.
Another contract was awarded to Trojan for villa and infrastructure works at Balghaiylam, a new community for the UAE citizens being developed in partnership with Abu Dhabi Housing Authority. It will feature 1,743 homes.
On Tuesday, Aldar said it would invest Dh5 billion to develop a range of income-generating assets in Abu Dhabi, with a focus on commercial, retail and hospitality sectors amid growing demand for property in the UAE.
Last month, the developer also unveiled a residential development on Yas Island, comprising 234 apartments, duplexes and penthouses.
Aldar has also been expanding its global presence. On Thursday, the company announced a Dh407 million investment in logistics and storage assets in Europe through a partnership with global investment firm Carlyle.
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
EMIRATES'S%20REVISED%20A350%20DEPLOYMENT%20SCHEDULE
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'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
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One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)
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Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India
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The language of diplomacy in 1853
Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)
We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.
Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale
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