Aldar acquires land on Saadiyat Island to develop $4bn mega project
Aldar Properties, Abu Dhabi's largest developer, has acquired 6.2 million square metres of land on Saadiyat Island as part of its plans to develop a Dh15 billion ($4bn) mega mixed-use project. The land is valued at Dh3.68bn and the acquisition consideration "will be paid in kind as the development progresses", Aldar said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded. The integrated community will include nearly 2,700 residential units, most of which are villas, and will be home to more than 15,000 people when complete. Construction is scheduled to begin in the second half of 2022 over a four-year development period. “This is an incredibly exciting acquisition for Aldar as it will allow us to develop the most strategically located and desirable land available in Abu Dhabi," said Talal Al Dhiyebi, group chief executive at Aldar Properties. "The transaction is also a milestone in the development of Saadiyat Island as it...