The Government of Abu Dhabi and Aldar Properties have agreed on an exchange of land assets in a transaction that will see the redistribution of land resources suitable for development in accordance with both the government and the developer's respective strategic priorities.

The agreement, implemented by the Abu Dhabi Department of Municipalities and Transport, contributes to the Government of Abu Dhabi’s strategy of closely collaborating with the private sector to manage real estate supply and ensure stable and sustainable development of the market.

The real estate sector is a key enabler of sustainable growth and economic diversification in Abu Dhabi.

As per the agreement, which will be implemented from December 2019, land with total developable gross floor area (GFA) of approximately six million sqm will be exchanged.

The Government of Abu Dhabi will receive land on Al Raha Beach, Lulu Island and other land parcels on Abu Dhabi island in non-investment zones. Aldar will receive infrastructure-enabled land plots in the Saadiyat Cultural District and Mina Zayed, which closely match the company’s key areas of focus for future development.-TradeArabia News Service