ALDAR sign detailed MOU joint venture with Keppel Corp

"Strategic International partnerships represent an important milestone in the delivery of next-generation developments in Abu Dhabi, harnessing world-class expertise to augment ALDAR's know-how," commented Ahmed Al-Sayegh, Chairman, ALDAR. "The synergies between the Middle East and Asia mean that partnering with Singaporian companies such as Keppel delivers many benefits for our regional and international investors, to ensure our projects are recognized around the world."

The initial joint venture company will focus on the development of selected sites within the Al Raha Beach development, one of ALDAR properties flagship sites in Abu Dhabi. The value of the JV has not yet been disclosed, with substantial initial investment from ALDAR and Keppel. ALDAR will lead the development and implementation of the project with a 51% stake in the joint venture company, with Keppel Corporation holding a 49% stake.

"This strategic alliance is a keystone in ALDAR's overall strategy to diversify into Asian markets through partnering with one of the best property and development companies in the market whilst giving the Singaporean company the ability to co-invest alongside Aldar to create world-class international community developments in Abu Dhabi,"

commented Ronald Stephen Barrott, CEO, ALDAR. "We are constantly looking for partner companies that offer best in class solutions to deliver on our promise of quality to our investors, and we believe that Keppel fulfils our stringent requirements with their strong portfolio of Asian and international projects delivered within short development cycles at very high quality levels."

The Al Raha Beach development will be built on approximately 10km of natural beachfront, offering over 120,000 residents a truly integrated residential, commercial, retail and leisure community over 11 distinct precincts.

"ALDAR's reputation for quality and creativity in its projects, coupled with the company's insistence on top quality delivery, offered us many synergies when looking to the Middle East for our inaugural project in that region, in fact, we share similar standards in design, quality business principles being delivered through professionalism, service, quality and trust." commented Kevin Wong, MD of Keppel. "We are looking forward to partnering with one of the region's leading developers on these exciting projects."