Sebi has approved a scheme for high net worth individuals which will require a minimum investment of Rs1 million
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The joint venture is being setup to become the primary concrete supplier with a capacity of 15,000 cubic metres per day. The principle projects supplied by the JV are Aldar's Al Raha Beach development, the Central Market, and the YAS Island destination.
"Aligning with Readymix Abu Dhabi ensures that the highest standards will be utilised in the construction of our developments," said Ronald S Barrott, CEO Aldar Properties.
Aldar Readymix will allow Aldar Properties to receive large quantities of concrete for its developments. Al Raha Beach alone currently has four onsite concrete batching plants with a total production output of 6,000 cubic metres per day. Aldar Readymix plans to add another eight plants before the end of 2008 bringing the total production capacity to well over 15,000 cubic metres per day.
Youssef El Hage, General Manager Aldar Readymix stated, "This alliance has many benefits for both parties including creating a secure and proper supply chain, which will allow Aldar Properties to get all its requirements on time, and remain on schedule throughout their projects. In addition, creating this supply chain allows Readymix Abu Dhabi to exercise strict quality control over the complete cycle of its operations, from the selection of the raw materials up to the delivery of the concrete to the contractors' sites."
Al Raha Beach is Aldar Properties' Arabian waterfront city, comprising 11 precincts each with a unique character and appeal. Central Market is the redevelopment of Abu Dhabi's souk and will have three towers. YAS Island is the entertainment destination which will be home to the Ferrari Theme Park, the Formula One(tm) race track, a Warner Bros. theme park, a waterpark, and many other leisure, residential, and entertainment facilities.
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