Aldar inks construction deal with Bahrain firm

Abu Dhabi: Aldar Properties said yesterday it had signed a memorandum of understanding (MoU) with the Bahrain-based building and civil engineering company, Cebarco Bahrain that will pave the way for formation of a joint venture company to undertake a wide variety of construction projects in the region.

According to the MoU, the two parties will form a joint venture company which will undertake the construction of various projects on Abu Dhabi's Yas Island, including the Warner Bros. Theme Park, the Yas Island Water Park, several hotels and other support facilities.

Ronald Barrott, Aldar's CEO, didn't comment when asked by Gulf News which other regional markets the proposed joint venture is likely to tap in the future.

Another senior Aldar executive said that at this point it will be premature to discus the monetary size of the projects that the proposed joint venture company of Aldar and Cebarco will undertake in Abu Dhabi.

The news failed to lift Aldar shares on a bullish Abu Dhabi Securities Exchange. Aldar's shares fell 2.1 per cent, yesterday to close at Dh9.85.