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Abu Dhabi's Dh3bn model for public private partnerships

Abu Dhabi Municipality is hoping that plans to build 40 new community centres  across the capital will provide a working model for public-private  partnerships.

Under a project announced this week by the municipality, private investors  will be invited to build and operate small-scale shopping malls alongside  community facilities such as swimming pools, gymnasiums and libraries.

The Dh3 billion (US$817 million) plan is aimed at attracting tenants to  projects that lack the sorts of facilities provided by master-planned  developments. These include neighbourhood centres, which will contain  convenience shops, leisure facilities and government services, and two larger  district centres with supermarkets and other facilities.

Six community centre schemes are already under construction.

The plan will have investors and developers bid to take development leases  (or musatahas) of allocated land in the capital for a period usually of between  15 and 30 years.

Developers will build and operate the community centres, which will range  between 7,000 and 21,000 square metres. They will pay the agreed ground rent to  the municipality and collect rent from the retail element of the scheme.

At the end of the period the operator can agree to extend the contract or the  municipality can take the land back.

 

Read more: http://www.thenational.ae/thenationalconversation/industry-insights/property/shops-gyms-pools-and-libraries-abu-dhabis-dh3bn-model-for-public-private-partnerships#ixzz2Oktjzsjp

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