The Government of Abu Dhabi and Aldar Properties have agreed to an exchange of land assets that will lead to the redistribution of land available for development, it was announced on Wednesday.
According to the UAE’s state-run WAM news agency, the agreement – which will be implemented from this month – will see approximately six million square metres of gross floor area exchanged.
Abu Dhabi’s Government wiill receive land on Al Raha Beach, Lulu Island and other land parcels on Abu Dhabi island in non-investment zones.
While Aldar will receive infrastructure enabled plots in Saadiyat Cultural District and Mina Zayed.
The WAM report noted that the agreement, which is to be implemented by the Abu Dhabi Department of Municipalities and Transport, forms part of a larger government effort to collaborate with the private sector to manage real estate sustainable development in one of the emirate’s most important sectors.
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