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Sat 13 Jan 2007 12:00 AM

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Al Qudra forms JV with Bin Ladin

Abu Dhabi-based Al Qudra Holding has struck a deal with Saudi Bin Ladin Group to establish a joint investment company.

Abu Dhabi-based Al Qudra Holding has struck a deal with Saudi Bin Ladin Group to establish a joint investment company.

The move will see the new company developing and investing in several projects across the region.

“The joint investments will concentrate on construction, engineering consultants and strategic industries which are linked with the construction sector,” said Salah Salem Al Shamsi, chairman, Al Qudra Holding.

“This is a first step to establish a company that will launch new projects in 2007.”

This is the latest deal between a contractor and investor to work together on real estate development projects and follows Aldar Properties’ partnership with Laing O’Rourke in November.

Al Qudra’s real estate arm recently teamed up with RAK Properties to develop the Mina Al Arab project in Ras Al Khaimah.

Saudi Bin Ladin Group’s latest project win was the US $250 million (SR937 million) contract to develop a terminal for Hajj pilgrims at the King Abdul Aziz International Airport, in partnership with France-based Aeroports de Paris.

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