Aldar Properties, the biggest developer in Abu Dhabi, made investments of about AED 22 billion, or $5.9 billion in a year for improving local infrastructure and expanding its real estate portfolio.
This investment was spread across a total of 49 contracts that were made with 36 companies based in the UAE.
The developer said that it had followed the In-Country Value (ICV) program, which meant that the local economy was getting almost half of the investment.
The deals are aimed at delivering additional townhouses, villas, apartments, retail spaces, Grade A offices and schools to the UAE market in order to keep up with the rising demand.
Local infrastructure in the capital of the UAE will also receive a boost, thanks to the deals because they include major highways in important locations, such as Al Shamkha, Saadiyat Island and Yas Island.
Aldar Properties, CEO, Adel Abdulla Albreiki, said that once the projects are completely, they would help in satisfying the demand for more and new residential options in Abu Dhabi.
In addition, they would also deliver new office and retail spaces in the emirate and make it more connected via a number of infrastructure improvements.
More than half of the deals i.e. 53% were for projects owned by Aldar Properties, while the remaining 47% of the projects are being developed on behalf of the government in Abu Dhabi.
Last year, a series of projects were launched by Aldar for meeting the rising demand for properties. These include the construction of over 2,000 homes on Saadiyat Island.
It also includes the construction of an office tower and Saadiyat Grove, a world-class retail destination.
The contract for the development of the first two phases of Saadiyat Lagoons by Aldar Properties was awarded to Arabian Construction Company (ACC) and Trojan General Contracting.
As for the construction of the third phase, the contract was awarded to Innovo Build.
The contract for the development of hundreds of units in Yas Park Views and Yas Park Gate developments on Yas Island were awarded to Fibrex by Aldar Properties.
The deal for the construction of a Grade A office tower on Yas Island was also awarded to ACC. Nurol got the contract for the infrastructure and villa works at Fay Al Reeman II.
This will result in the development of an additional 557 residential units in the area of Al Shamkha.
These contracts are further evidence about the growth of the real estate sector in Abu Dhabi, as well as the UAE as a whole.
2023 proved to be an excellent year for the sector, as it experienced immense growth and the trend appears to be continuing in 2024 due to high demand and limited supply.