Emirates Council for Balanced Development signs deals worth $54.5m

The Emirates Council for Balanced Development has signed more than Dh200 million ($54.5 million) worth of agreements with seven key partners in support of the Emirates Villages project that was announced yesterday, Abu Dhabi Media Office said in a statement on Thursday.

The agreements were signed with Aldar, Abu Dhabi’s biggest developer; First Abu Dhabi Bank, the UAE’s largest lender by assets; Etihad Rail; AD Ports Group — the operator of industrial cities and free zones in the emirate — Adnoc, Emarat and Etihad Water and Electricity. V“The agreements highlighted the importance of private sector involvement in national and strategic projects,” the statement added.

The Emirates Council for Balanced Development is working to achieve sustainable development for all regions through a unique development model based on partnerships between the government, the private sector and local communities.

Sheikh Theyab bin Mohamed, member of the Abu Dhabi Executive Council and chairman of the Emirates Council for Balanced Development, attended the signing ceremony.

Emirates Villages project is a Dh1 billion ($272.3 million) initiative aimed at creating a sustainable development model. The new project will develop Emirati villages from economic as well as touristic standpoints and it aims to create economic and business opportunities to promote social stability and well-being.

The first batch of villages included in the programme will offer 500 economic initiatives or projects for youths.

The Emirates Villages project outlines five developmental tracks, through which the Emirates Council for Balanced Development seeks to create a micro-economy in 10 villages, an official statement said.

It aims to achieve greater involvement of local communities, enhance the involvement of the private sector and advance the sustainable development model by boosting co-operation between federal and local governments.