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Abu Dhabi Municipality turns to private sector to develop $43.56mln community market
13 April 2017
Abu Dhabi City Municipality on Thursday announced it has signed a Musataha (land lease) agreement with a private company to develop a 160 million dirhams ($43.56 million) community market in Shakhbout city.
Desert General Transport and Clearance Company would invest, design, build and operate the community market, the Municipality said in a statement, adding that the project would cater to the residential districts of Mainland and Abu Dhabi Island and take two years to complete.
It said the market would span an area of 33,000 square metres and comprise of retail outlets, community facilities and government services.
The statement quoted Musabbah Mubarak Al Murar, Acting General Manager of Abu Dhabi City Municipality as saying the community market "is one of a series of projects that the Municipality intends to establish in collaboration with the private sector as per Musataha model."
The duration of the Musataha agreement wasn't disclosed.
In January, Thomson Reuters Projects reported that the Municipality signed a 50-year Musataha agreement with Al Qudra Holding to develop and operate a 750 million dirhams Traditional Souq project.
© Zawya Projects News 2017