Abu Dhabi's Al Qudra wins $1bn villa contract
Abu Dhabi, April 21, 2010
Abu Dhabi's Al Qudra Real Estate won a 4 billion dirham ($1.09 billion) contract to develop the first phase of a government villa program in Al Ain, it said on Wednesday.
The contract for the national housing project, which will take four years to complete, was awarded by the Abu Dhabi Urban Planning Council, Al Qudra said.
Al Ain lies about 160 km (100 miles) from Abu Dhabi.
Al Qudra Real Estate is part of Al Qudra Holding, an Abu Dhabi-based investment firm with about 30 companies ranging from utilities to infrastructure and agriculture.
Earlier on Wednesday, Aldar Properties, Abu Dhabi's largest developer by market value, said it had won a $199 million contract to build infrastructure for a residential development for Emirati nationals in Al Ain. -Reuters