Aldar
Properties, the Abu Dhabi based developer,
yesterday announced a joint venture with Textura
Corporation, a US-based technology provider.
Textura will provide technology within all Aldar
developments that will introduce a new payment
management system enabling cash flow management
and cost effectiveness of construction projects.
The agreement was signed recently between Ronald
Stephen Barrott, CEO of Aldar Properties, and
Patrick Allin, CEO of Textura. The system will
also be made available to other developers in
the region.
Textura is an on-line shared database that
enables real-time invoicing, payment, cost
tracking and valuation for construction projects
and developments. The service links the
participants and information across the
construction supply chain from subcontractor to
main contractor to developer, as well as the
consultants appointed to each project.
"The new joint venture reflects Aldar's
commitment to continuously improving the cost
effectiveness of our diverse operations. As a
leading developer, we are keen to ensure that
our developments are managed to the best
standards of cost control, performance
management, and supply chain management, and
that state-of-the-art technology is made
available to the construction industry in the
UAE and the region at large," said Barrott.
"To our knowledge there is no similar system in
use anywhere in the world. It will revolutionise
the existing process, which is largely manual,
inefficient, prone to error, and results in poor
visibility, delayed payments, and of course
disputes," said Allin.
Since its inception in 2004 through a share
offer of Dh1.5 billion on the Abu Dhabi
Securities Exchange, Aldar has already announced
more than $72bn worth of developments. Aldar's
market capitalisation is Dh32.3bn as of July.
The company is owned by leading Abu Dhabi
institutions, founder shareholders and
individual investors. The current property
portfolio includes major developments and
re-developments within Abu Dhabi such as Central
Market, Al Raha Beach, Coconut Island, Noor Al
Ain, Al Gurm Resort, Al Mamoura – the Mubadala
Development Company and Environment Agency Abu
Dhabi Headquarter Building, and the Yas Island
project, which is to include a Warner Bros and a
Ferrari theme park.
Aldar
Properties, the Abu Dhabi based developer,
yesterday announced a joint venture with Textura
Corporation, a US-based technology provider. 
