Aldar and Besix forge alliance

The new company will be based in Abu Dhabi and will support ALDAR with delivery of its state-of-the-art development projects, ensuring on-time and on-budget execution of Aldar's signature shopping and entertainment projects as well as the Ferrari theme park infrastructure and related hotels.

Aldar Properties has over $60bn worth of developments and the largest land bank in Abu Dhabi. Besix, a construction company which is almost 100 years old, has been active in the Middle East region through Six Construct, who already undertake infrastructure projects on behalf of Aldar. Further corporate synergies have drawn the two companies together and will result in a new management contracting company committed to delivering quality development projects.

"As a fast growing company, Aldar is always seeking to partner with the best construction companies in the market and are delighted to be able to capitalize on furthering our already strong relationship with Besix. The formation of this new joint venture company will assist us in delivering on our commitment to help building the nation," said Ronald Barrott, CEO at ALDAR Properties.

Commenting on the announcement, Philippe Quoilin COO at Besix said: "Through the formation of this new company, we hope to strengthen our strategic alliance and leverage each firms strengths to successfully deliver world-class projects for many years to come."

Aldar has experience of working successfully through joint venture companies in the construction field. For instance in June 2007, Aldar announced a tie-up with Laing O'Rouke and the joint venture company is currently delivering on ALDAR's flagship Al Raha Beach project which spans 11 kilometers off Abu Dhabi's coastline.