Commercial close reached for a new BESIX-led PPP in Abu Dhabi

Group 1 min read

The Abu Dhabi Investment Office (ADIO) and Khalifa University have partnered with KUnnected Living, a consortium led by Plenary Group, BESIX Group, and Mazrui International, to develop world-class student accommodations in Abu Dhabi. The project has successfully reached commercial close on Wednesday 24 July 2024.

This initiative, the largest student accommodation project in the region, will be developed under a public-private partnership (PPP) model. BESIX in the Middle East will play a crucial role in designing, building, financing, and maintaining 3,260 student rooms and communal facilities across Khalifa University’s Main Campus and Sas Al Nakhl Campus over a 23-year concession period.

The signing ceremony at Abu Dhabi Department of Economic Development took place on Wednesday 24 July and marked the beginning of the PPP concession period and the start of on-site construction activities.

Colleague Elias Sfeir (left), Head of Concessions & Assets, BESIX Middle East

This project is part of Abu Dhabi’s successful PPP Programme, expanding the private sector's role in delivering major public infrastructure and services. ADIO facilitates and oversees all infrastructure projects under the PPP framework; BESIX has already collaborated at length with ADIO for the Zayed City Schools project, another successful PPP where BESIX is equity partner.

Together with Plenary, an independent investor and developer specialising in PPPs, and Mazrui International, a diversified holding company, our colleagues in the Middle East will ensure the successful development of this landmark project.

Next step will be the financial close in the coming weeks. To be continued!

NEWS