Aldar seeks main contractor for Yas water park

By Ben Roberts  www.constructionweekonline.com

Aldar Properties PJSC has already started the prequalification process for its planned water park on Yas Island, its major leisure and entertainment destination.

The property developer has also received the conceptual planning approval from the Abu Dhabi Urban Planning Council and has appointed UK-based Atkins as lead designer for the project, which is to begin construction next month and will be complete in 2012.

The 16.4 hectares water park will feature more 40 rides and will join attractions such as Ferrari World Abu Dhabi, the world’s first Ferrari theme park which opens on 28th October; Yas Marina Circuit, host venue for the Formula 1 Etihad Airways Abu Dhabi Grand Prix; Yas Links, the region’s first true links golf course which opened in March; and seven hotels including The Yas Hotel.

Sami Asad, chief operating officer of Aldar Properties, added that the water park adds to the other features that will set Yas Island apart “as a major leisure destination and will reinforce Abu Dhabi’s position as a great place to live, work and visit”.

Last month the company brought the first Geant supermarket to Yas Island and gained support for its (Leadership Excellence Applied Diploma) Programme from the Tourism & Development and Investment Company (TDIC), which aims to sponsor a new generation of UAE leaders.

The company made a net loss of AED314.2 million for the first quarter of 2010 against a profit of AED888.6 million for the same period the previous year. Lower than anticipated land and property sales were attributed by the company for the loss. Investment in key projects fell by almost two-thirds, falling to AED1.604 billion from AED4.5987 billion during last year’s first quarter.

Yesterday its Abu Dhabi-listed stock closed down 0.3% at AED3.12. It has lost 38% in value this year.