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Abu Dhabi: Aldar Properties, Abu Dhabi-based integrated property, investment, and management company, is introducing a new payment management system that is set to revolutionize cash flow management and cost effectiveness of construction projects in the UAE and the region.
The groundbreaking technology will be introduced by a joint venture between Aldar Properties and Textura Corporation, the creator of the new payment management process in the construction industry. The joint venture agreement signed recently by Ronald Stephen Barrott, CEO of Aldar Properties, and Patrick Allin, CEO of Textura, sets the stage for the introduction of the new technology for the first time in the entire MENA region.
The joint venture will provide the technology within all Aldar developments and will make it available to other developers in the region to use the groundbreaking system. The joint venture will seek to capitalize on the construction market in MENA region, estimated to be worth about $2 trillion.
Textura is an innovative online system that enables real-time invoicing, payment, cost tracking, and valuation for construction projects and developments. The service links together 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.
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