ALDAR Properties PJSC signs joint venture with Laing O'Rourke Construction Group to deliver substantial development projects in Abu Dhabi

The new company will be known as Aldar Laing O'Rourke JV, and it has become a registered company in Abu Dhabi.

The first project for the joint venture will be the construction of residential and commercial property at Al Raha Beach. This prestigious development is located near Abu Dhabi International Airport at the entrance to Abu Dhabi City. It will occupy a 500 hectare site, currently being expanded through land reclamation.

The development of the site has been designed to spearhead the vision of Abu Dhabi as one of the world's great waterfront cities.

The Aldar Laing O'Rourke Joint Venture agreement was signed between ALDAR representatives Chairman Ahmed Ali Al Sayegh and CEO Ron Barrott together with the newly appointed Aldar Laing O'Rourke Chief Executive Norman Haste.

Commenting on the agreement, ALDAR Chairman Ahmed Al Sayegh said:

"This is the first major joint venture for ALDAR. We are delighted to be partnering with a global construction player of the status of Laing O'Rourke, who has already undertaken successful joint ventures here in the UAE and all over the world. I am sure that this relationship will offer many benefits to both companies, and more importantly, to our shareholders and our customers through efficient delivery of our projects."

Al Raha Beach is a mixed-use scheme covering residential, commercial, retail and leisure facilities, with an overall total development value of some US$ 18 billion. The development is divided into a number of smaller communities each offering a different mix of lifestyle, entertainment and business opportunities.

Ron Barrott, Chief Executive Officer of ALDAR Properties PJSC said: "Al Raha Beach will be the first project to benefit from this agreement with Laing O'Rourke. We intend to begin work immediately so as to take advantage of the synergies between our two businesses. We shall be expediting design, speeding procurement, building solid relationships with Contractors and seeking efficiency everywhere - as we strive to achieve world class results."

Ray O'Rourke, Chairman and Chief Executive of Laing O'Rourke Group said: "The joint venture with ALDAR represents a major opportunity for Laing O'Rourke as an international construction group. We shall ensure that the Al Raha Beach development sets a new benchmark for the global development and construction industries.

He added: "We will be using all the innovative skills and modern construction techniques that we have adopted from our experience around the world and focus them on Al Raha Beach and other future developments in Abu Dhabi."

Al Raha Beach is one of the first designated areas where expatriates can buy property within the emirate of Abu Dhabi. The development is set to become a regional attraction and major tourist destination with a planned population of more than 120,000, eight world class hotels and fast links to the international airport. The project will be delivered over an eight to ten year period.