Error message

  • Warning: mysqli_connect(): php_network_getaddresses: getaddrinfo failed: Name or service not known in include() (line 276 of /var/www/www.monocodebase.com/htdocs/sites/default/settings/www.constructionweekonline.com.settings.php).
  • Warning: mysqli_connect(): (HY000/2002): php_network_getaddresses: getaddrinfo failed: Name or service not known in include() (line 276 of /var/www/www.monocodebase.com/htdocs/sites/default/settings/www.constructionweekonline.com.settings.php).
  • Warning: mysqli_close() expects parameter 1 to be mysqli, boolean given in include() (line 300 of /var/www/www.monocodebase.com/htdocs/sites/default/settings/www.constructionweekonline.com.settings.php).

Three-way tie up in AD

Aldar Properties, Sorouh Real Estate and Reem Investments have tied up with First Gulf Bank to form a new property company, Inshaa.

Aldar Properties, Sorouh Real Estate and Reem Investments have tied up with First Gulf Bank to form a new property company, Inshaa.

The company has a start-up capital of US $136 million (AED500 million) and will provide property development, property management and advisory services.

Inshaa will focus initially on opportunities in Abu Dhabi and Dubai before venturing beyond the UAE.

Each of the three developers will hold a 20% stake in the company, while First Gulf Bank will hold 40%.

According to Jayan Menon, legal director, Aldar Properties, partnering will make it easier for the company to source contractors and materials.

"Partnering with strategic shareholders provides the benefit of being allowed to work together to deliver a project, instead of competing with each other and fragmenting resources," he said.

"The relationship is less adversarial and there is no contentious approach to going forward. It will help to source contractors and materials because you have a larger base, you have your expertise, you have your partner's expertise and you build on that."

Inshaa will have offices in Abu Dhabi and Dubai.

Last year Aldar set up a joint venture with UK contractor Laing O'Rourke to procure materials for its Al Raha Beach project in Abu Dhabi. The contractor is also sourcing rebar for all of Aldar's projects in the UAE capital.

Most popular

Awards

CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that

Conferences

Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020