Abu Dhabi-based Aldar Properties, a leading integrated property development and investment company, and Cebarco Bahrain, a leading construction firm, have agreed to form a joint venture that will undertake a wide variety of construction projects in the region.

The two companies have signed a Memorandum of Understanding in this regard. Cebarco bahrain is a member of the KAR group of companies based in Bahrain.

According to the terms of the MoU, signed by Ronald Stephen Barrot, CEO of Aldar Properties, and Khalid M A Rahim, CEO and chairman of Cebarco Bahrain, the two parties will form a joint venture company which will undertake the construction of various projects on Yas Island, including the Warner Bros Theme Park, the Yas Island Water Park, several hotels and other support facilities in the development.

Speaking at the signing ceremony, Barrott said:, “The MoU we have signed with Cebarco is in line with Aldar’s strategy of partnering with highly credible organisations with a strong track record for delivery. We look forward to welcoming the new joint venture to the expanding family of Aldar partners who are playing an instrumental role in helping us deliver quality buildings in a timely and cost effective manner.”

Rahim said: “We are pleased to sign this MoU with Aldar with the intent of maximising business opportunities which will eventually develop into a long term business relationship between the two companies. Our companies share similar values and we look forward to contributing to Aldar projects by ensuring the highest quality standards in our industry.”

The Yas Island development covers an area of 2500 hectares and is set to become a cornerstone of Abu Dhabi’s fast growing tourism industry.  In addition to the Royal Yas Marina racing circuit, the development will include Ferrari World Abu Dhabi, a Warner Bros Theme Park, five-star and boutique hotels, a water park, over 300,000 sq m of retail space, a links golf course, 7 marinas, restaurants, various entertainment facilities and luxurious residential property.  Yas Island is a 30-minute drive from Abu Dhabi City and only 10 minutes from the Abu Dhabi International Airport. - TradeArabia News Service