Saturday 28 May 2022 - 5:29:28 am

Abu Dhabi accelerates development of 12 community markets using Musataha tenders

ABU DHABI, 8th July, 2021 (WAM) -- The Abu Dhabi Investment Office (ADIO), in partnership with the Department of Municipalities and Transport (DMT), today announced 12 new community market projects across the Emirate of Abu Dhabi.

The community markets will enhance existing infrastructure and quality of life for residents by creating urban destinations with retail, convenience and sports facilities, while offering long-term opportunities for investors in Abu Dhabi.

To date, three tenders have been successfully awarded to private sector investors for the development of community markets in Khalifa City, Shakhbout City and Mohammed Bin Zayed City. The remaining tenders would be launched from July 2021 and concluding by end-2022.

ADIO and DMT invite qualified entities to participate in the next stage of the programme by collecting the Requests for Qualifications (RfQs) for the development of the Yas Island Community Market and Al Aamerah Community Market.

The community market project on Yas Island, strategically located near the Yas-Saadiyat highway with easy access from the E12, is for the proposed development of a 5,675 square metre gross floor area (GFA) on 22,136 square metres of land in Abu Dhabi. The project has a partnership period of 32 years under a Musataha agreement and will serve more than 6,000 residents in the island. The community market in Al Aamerah is for the proposed development of a 3,566 square metre GFA on 2,377 square metres of land in Al Ain. The project has a partnership period of 31 years and will serve more than 5,000 residents in the community.

Projects developed under Musataha agreements enable the private sector investors to design, build and operate an asset on land owned by the government for a stipulated, long-term period. Musataha projects are designed with highly competitive investment models and flexible terms that deliver value for investors.

Dr. Tariq Bin Hendi, Director-General of ADIO, said, "Musataha agreements are an important part of Abu Dhabi’s ambitious model to effectively engage the private sector to deliver key infrastructure and services. The long-term nature of Musataha projects offer investors certainty in planning and decision-making from inception through to completion. The recently enhanced Musataha Agreement issued by ADIO maximises benefits for all parties involved. We are now moving to fulfilment as we facilitate new projects that unlock the potential of Abu Dhabi’s public land while creating competitive opportunities for the private sector and making the emirate one of the best places in the world to live."

DMT Under-Secretary Abdullah Al Sahi said, "Enabling sustainable economic growth by supporting public-private partnerships is essential for ongoing development, and joining forces to provide more platforms and opportunities that will attract investors will be a key pillar to achieving that."

He added, "DMT is committed to working within the vision and strategy of our leadership to promote a sustainable and diversified economy based on innovation. Part of our mission is to create an attractive investment environment in public assets and land, to pursue the development of a sustainable infrastructure that enables us to provide the best services to Abu Dhabi residents, and enhance the quality of life and strengthen Abu Dhabi's position as one of the best places to live and work globally."

Interested companies 100%-owned by UAE nationals can participate in the two open tenders.