TDIC forms strategic JV with Australia’s Leighton International

Tourism Development & Investment Company (TDIC), one of the leading developers in Abu Dhabi, the capital of the United Arab Emirates, has entered into a strategic joint venture agreement with Gulf Leighton, one of the GCC’s largest multi-disciplined contractors and a subsidiary of Leighton International, Australia’s leading contracting and engineering company.
 
TIDC owns 51% of the new venture - TDIC-Leighton Contracting LLC - which has been formed to undertake various contracts for TDIC developments, including the 6.5 kilometre Saadiyat Link road, which will connect Abu Dhabi’s Shahama district to Saadiyat Island, which is being developed into a signature leisure, cultural and residential destination, as well as the Eastern Mangroves Hotel and the new TDIC headquarters being built adjacent to Maqta Bridge – the main Abu Dhabi city gateway.
 
“In line with TDIC’s overall ethos of employing best practices, this new joint venture will adhere to global standards in human resources, health, safety and environment deployment,” said Lee Tabler, CEO, TDIC. “While Gulf Leighton will bid for additional TDIC contracts, it will be judged on a purely professional and commercial basis in a transparent and competitive process.
 
“Leighton International has repeatedly demonstrated long-term commitment to Abu Dhabi and the wider region in terms of investment – a factor which weighed heavily in its favour when selecting a joint venture partner. Once again, TDIC has demonstrated its own ability to forge partnerships with truly world-class providers raising the benchmark for quality delivery.
 
“The size, scope and complexity of some of the projects we are planning here require world-class contractors who prioritise environmental sustainability in the design and construction processes. Leighton is regarded as a world-leader in its field and is a good fit for what we are trying to achieve”, added Tabler.
 
The agreement is expected to generate annual revenue from a minimum of US $270 million in the first year, to a minimum of US $1.4 billion in the fifth.
 
Managing Director of the Leighton International, David Savage, says the agreement represents one of the Group’s most significant partnerships.
 
“TDIC is one of Abu Dhabi’s largest, most respected developers,” he said. “We are delighted that it has selected us as its partner for its exciting development programme. We look forward to working with TDIC to develop Abu Dhabi into one of the world’s leading tourist and cultural destinations.”