Aldar ties up with O’Rourke for mega Al Raha Beach job

Abu Dhabi developer enters first major joint venture to deliver beachfront project in the emirate

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By  Angela Giuffrida Published  December 9, 2006

Abu Dhabi-based Aldar Properties has formed a joint venture with UK contractor Laing O’Rourke to deliver the Al Raha Beach project. The first project of the partnership, which will be known as Aldar Laing O’Rourke JV, will be the construction of residential and commercial property at Al Raha Beach – the massive US $18 billion (AED66 billion) development being built near Abu Dhabi International Airport. The entire project will stretch 5.2 million m2 along the Khor Al Raha waterway. This is Aldar’s first major joint venture. “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,” said Ahmed Al Sayegh, chairman, Aldar. “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.” The aim of the partnership is to ensure the timely execution of the project and within budget. “The joint venture will be involved at an early stage in the design, development and execution stages of the different precincts at Al Raha Beach,” said Ron Barrott, CEO, Aldar. “This will allow Aldar Laing O’Rourke to utilise different procurement methods, bringing a significant improvement in time and cost management compared with a more conventional approach.” The two companies plan to eventually work together on other projects. The 30-year partnership between Laing O’Rourke and Al Naboodah will not be affected by the new venture. “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,” said Ray O’Rourke, chairman and chief executive, Laing O’Rourke Group. Al Raha Beach features eight precincts comprising hotels, waterfront apartments, retail and commercial facilities and marinas.

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