ABU DHABI - Aldar Properties PJSC, a leading integrated property development, investment and management company, has signed a memorandum of understanding (MoU) with Cebarco Bahrain SPC, a leading construction company and member of the KAR group of companies based in the Kingdom of Bahrain, it was announced on Wednesday.
The company said in a statement the deal will pave the way toward the formation of a joint venture company poised to undertake a wide variety of construction projects in the region.
According to the terms of the MoU, signed by Ronald Stephen Barrot, CEO of Aldar Properties, and Khalid M. A. Rahim, CEO and chairman of Cebarco Bahrain SPC, the two parties will form a joint venture company which will undertake the construction of various projects on Yas Island, including the Warner Bros. Theme Park, the Yas Island Water Park, several Hotels and other support facilities in the development.
“The MoU we have signed with Cebarco is in line with Aldar’s strategy of partnering with highly credible organizations with a strong track record for delivery. We look forward to welcoming the new joint venture to the expanding family of Aldar partners who are playing an instrumental role in helping us deliver quality buildings in a timely and cost effective manner,” Barrot said. “Our companies share similar values and we look forward to contributing to Aldar projects by ensuring the highest quality standards in our industry,” Rahim added.
The Yas Island development covers an area of 2,500 hectares and is set to become a cornerstone of Abu Dhabi’s fast growing tourism industry. In addition to the Royal Yas Marina racing circuit, the development will include Ferrari World Abu Dhabi, a Warner Bros. Theme Park, five-star and boutique hotels, a water park, over 300,000 square meters of retail space, a links golf course, 7 marinas, restaurants, various entertainment facilities and luxurious residential property. Yas Island is a 30-minute drive from Abu Dhabi City and only 10 minutes from the Abu Dhabi International Airport.