Aldar restructuring won't affect Voltas

Aldar restructuring won't affect ongoing projects, relationships

Voltas Limited executive VP and COO Shaukat Ali Mir.
Voltas Limited executive VP and COO Shaukat Ali Mir.

The restructuring of Aldar, Abu Dhabi’s biggest developer, would not affect its relationship with MEP contractor Voltas, which has executed major Aldar projects such as Ferrari World on Yas Island, and is currently working on the Central Market development.

“They have been very positively supporting us. There is a great relationship. We consider Aldar as one of our key customers. We are certain that they will restructure themselves well; they have the government supporting them. It is a great model, and we look forward to doing a lot more work with Aldar,” said Voltas executive VP and COO Shaukat Ali Mir.

Mir pointed to the company’s ongoing relationship with Aldar, which has ranged from the Formula One racetrack to Ferrari World and Central Market at present, due for completion “by the middle of next year,” he said.

“Aldar has just announced other Yas Island projects, such as a shopping mall and waterpark, and we look forward to bidding on all these projects as well. The tenders are all due to be submitted by February, so the award should take place by April or May.

“Aldar’s current restructuring will not hamper in any way the plans they have for their new developments. They have huge support from the government. Most of these real-estate companies, be they private or public, have all been affected by the downturn.

“I suppose it is a question of reorganisation. Aldar is one of the key real-estate companies in Abu Dhabi, and I think they will survive and do very well, in my personal opinion,” said Mir.

Read the full interview with Shaukat Ali Mir in next week's issue of Construction Week magazine.

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Construction Week - Issue 765
Jun 29, 2020