Aldar Properties gains prime land in swap deal with Abu Dhabi

The government of Abu Dhabi and Aldar Properties have agreed on a land swap deal that would help the emirate's biggest property firm gain prime land, Aldar said on Wednesday. The transaction, which will be implemented from December, does not involve any transfer of funds, it said in a statement. Aldar will receive land split equally between the prime areas of Saadiyat Cultural District and Mina Zayed, one of United Arab Emirates' bigger ports. In return, the government will receive land in al-Raha Beach West, Lulu Island and plots inside Abu Dhabi island that Aldar held but which were not part of its development strategy in the foreseeable future, the statement said. Aldar has recently benefited from a surge in off-plan development sales, which involve selling properties before they are built.