By: Ramy Sameeh
Abu Dhabi – Mubasher: Municipality of Abu Dhabi City signed a Musataha Agreement with Al Qudra Holding for a traditional Souq project worth AED 750 million, according to the municipality’s acting director-general Misbah Mubarak Al Marar.
Under the 50-year deal that is subject to renewal, the company will carry out designs, construct and operate the 245,000-square-metre project.
The project lies between Al Maqta Bridge and Arabian Gulf Street, Al Marar explained.
The market includes commercial, educational and entertainment centers, in addition to villas, an alley, a marina and hotels.
Construction of project will be launched within 3-4 months after receiving licenses and final approval, according to Al Qudra’s CEO Michel Nassour.
To be completed within 27 months, the project will be both self-financed by the company and involve loans, Nassour added.
Translated by: Julian Nabil
