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FINANCIAL NEWS
Al Qudra wins $1.09b contract in Abu Dhabi
22 Apr 2010
(MENAFN) Abu Dhabi’s Al Qudra Real Estate said that it has won a $1.09 billion contract to develop the first phase of a government villa program in Al Ain, Khaleej Times reported.
The contract for the national housing project, which will take four years to complete, was awarded by the Abu Dhabi Urban Planning Council, Al Qudra said. Al Ain lies about 160 km (100 miles) from Abu Dhabi.
Al Qudra Real Estate is part of Al Qudra Holding, an Abu Dhabi-based investment firm with about 30 companies ranging from utilities to infrastructure and agriculture.
Earlier on Wednesday, Aldar Properties, Abu Dhabi’s largest developer by market value, said it had won a $199 million contract to build infrastructure for a residential development for Emirati nationals in Al Ain.
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