Abu Dhabi – Mubasher: Aldar Properties teamed up with the Abu Dhabi Housing Authority (ADHA) to develop a project valued at AED 8 billion, according to a press release.
The development project aligns with Abu Dhabi’s efforts to create integrated and sustainable residential neighbourhoods that will further enhance family stability and community well-being in the emirate.
Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, launched Balghaiylam, a new residential development in the northeast of Yas Island.
Meanwhile, the project is expected to be completed by 2026 and will secure 1,743 ready-built homes, with access to a broad range of facilities in the community.
The scheme comes within the framework of the Abu Dhabi government’s plans to leverage public-private partnerships and offer suitable housing within real estate projects developed by approved developers.
Mohammed Ali Al Shorafa, Chairman of ADHA, commented: “This partnership with Aldar aims to provide an array of villas for citizens to increase homeownership among Emiratis and reduce delays in obtaining adequate housing.”
Earlier this month, International Holding Company (IHC) and Abu Dhabi National Exhibitions Company (ADNEC) joined forces with Aldar to create joint property and facilities management platform.
In January-March 2023, Aldar recorded higher net profits attributable to the shareholders at AED 725.65 million, compared to AED 667.91 million in the year-ago period.
