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FINANCIAL NEWS
Aldar Properties grants contracts for $2.5b Al Falah project
18 Jun 2010
(MENAFN) Aldar Properties announced granting three infrastructure contracts for the $2.56 billion Al Falah project to provide some 5,000 homes for middle-income UAE families free of cost, Khaleej Times reported.
Al Falah project, which is part of the housing initiatives of the Abu Dhabi Government, will provide 5,000 homes for UAE families across five villages, each with approximately 970 villas plus three schools, mosques, and neighborhoods retail, health and
leisure facilities.
The Government will provide funds for the project and Aldar was given the contract to develop it during the 2009 edition of the mega property show Cityscape Abu Dhabi.
Aldar Properties said that Al Falah has been designed as a practical and sustainable community within a development area of approximately 12 million square meters.
Infrastructure contracts for the residential villages have been awarded to Hilal Bil Badi and Partners (Hilalco) for Village 1, Ghantoot Transport and General Contracting Establishment for Villages 2 and 3 and Al Jaber Transport and General Contracting LLC for Villages 4 and 5, said Aldar Properties.
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