Abu Dhabi – Mubasher: Aldar Properties, listed on the Abu Dhabi Securities Exchange (ADX), signed a memorandum of understanding (MoU) with Abu Dhabi's state holding company ADQ to take over the development and management of government capital projects worth about AED 30 billion.

The agreement includes developing Riyadh City project, the Baniyas North development, and other projects in Al Ain and Al Dhafra regions, according to a statement on Sunday.

Under the deal, more than 25,000 land plots and villas as well as associated infrastructure will be developed for UAE citizens.

This move came as “as part of the Abu Dhabi Government's efforts to support the emirate's real estate sector and public-private partnership initiatives,” the statement showed.

Aldar will also have management oversight of Musanada’s projects, including education, healthcare, infrastructure, social services, and facilities management projects.

The company is expected to take over the management of government projects before the end of 2020 to ensure that all current projects, which are set to be delivered over the coming five years, will continue to be developed.

Mohamed Hassan Al Suwaidi, CEO of ADQ, said that “the agreement marks significant progress toward the delivery of major infrastructure and national housing schemes across the emirate. Importantly, it aligns commercial and strategic operations in the sector.”

For his part, Talal Al Dhiyebi, CEO of Aldar Properties, commented: “The transaction, which is fully aligned with our business development strategy, will significantly support future profit growth.”