Strategic land exchange transaction.
The Government of Abu Dhabi and Aldar Properties have agreed an exchange of land assets in a transaction that redistributes developable land resources in line with the parties' strategic priorities.
The transaction, which will be implemented from this month, involves the exchange of land in the emirate, with no transfer of funds required.
Aldar will receive infrastructure enabled land that has a gross floor area (GFA) of approximately three million sqm split equally between the prime areas of Saadiyat Cultural District and Mina Zayed. The Government of Abu Dhabi will receive lands with a comparable GFA in Al Raha Beach West, Lulu Island along with certain plots inside Abu Dhabi island that were not part of Aldar's development strategy in the foreseeable future.
Aldar CEO Talal Al Dhiyebi said: "This strategic land swap is a win-win deal for both parties. Aldar Properties will receive infrastructure-enabled land with high potential for development in the coming years...
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