Representatives of Aldar Properties and Besix Group met on Tuesday to finalise the creation of a joint venture management contracting company, official sources have confirmed.
The agreement will help ensure on-time and on-budget delivery of Aldar’s portfolio, which is worth over $60 billion (Dh219 billion), according to Reuters.
Belgium’s Besix has considerable experience working in the UAE, having been contracted to work on high-profile projects such as the road bridge to the Palm Jumeirah (pictured above).
A spokesperson for Aldar, the Abu Dhabi-based real estate development firm, earlier told Emirates Business that the parties have not reached any official agreement as of 5.30pm. But an official statement released later on Tuesday evening confirmed the joint project.
“The new company will be based in Abu Dhabi and will support Aldar with delivery of its state-of-the-art development projects,” the company said in a statement.
Aldar Properties, however, did not mention the actual cost of the portfolio that will be handled by the new management contracting company. Current projects include major developments and re-developments within Abu Dhabi such as Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building, as well as the YAS Island project which includes a Warner Bros and a Ferrari theme park.
Besix, which has been operating in the UAE through Six Construct for the past 40 years, has undertaken various projects across the Emirates. In Dubai, it has been involved in the construction of Burj Dubai, Emirates Hotel Towers, Ras Al Khor Crossing Bridge, Garhoud Bridge, Lake View Hotel, and the first phase of Culture Village.
A number of projects have also been completed in the capital such as the Conference Palace, Abu Dhabi International Airport, the refueller ramp and fuel hydrant system for the Al Dhafra Airbase. Aside from these, it is also involved in infrastructure and real estate developments in Ajman, Fujairah and Sharjah.
Aldar in joint venture bid with Belgium’s Besix