Abu Dhabi to build $46.8m community market
The Abu Dhabi City Municipality has signed a musataha agreement with Desert General Transport and Clearance Co for the construction of a community market in Mohamed bin Zayed City
The Abu Dhabi City Municipality (ADM) has announced the signing of a musataha agreement with Desert General Transport and Clearance Co for the construction of a community market.
To be built in Mohamed bin Zayed City, the project has an estimated value of $46.8m (AED172m).
Under the terms of the agreement, Desert General T&C Co will design and build – as well as invest in – the project, which is part of a series of community markets planned by ADM.
According to UAE state news agency, WAM, the community market at Mohammed bin Zayed City will have a floor area of 36,000m2 and is expected to take around two years to complete.
Musabbah Mubarak Al Murar, acting general manager of ADM, commented: “The Abu Dhabi City Municipality is moving ahead with a portfolio of projects aimed at upgrading service facilities, with the aim of bringing happiness and living welfare to residents by offering public service outlets at the highest standards.”
He added that through the series of seven community markets the municipality intends to develop in partnership with the private sector, ADM aims to introduce to the public new concepts of entertainment and shopping experiences.
Elaborating, Al Murar said that the planned markets will comprise retail outlets, community facilities, and government service facilities for residential communities and districts.
The community markets reportedly represent a new concept in investment and shared benefits with the private sector. They also fit well with an array of development & investment projects aimed at upgrading municipal assets in a host of tourist, recreational, service, and commercial fields.
ADM is said to be keen on cementing the bonds with the private sector and believes the combined objectives of the two parties will propel the economy, attract investments, and ensure continued improvement of services.