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ALDAR Properties, the leading 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 ground-breaking 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 to 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 ground-breaking system. The joint venture will seek to capitalize on the construction market in MENA region, estimated at about $2 trillion US dollars.
Textura is an innovative on-line 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.
Parties appointed to a construction project can initiate, review and approve construction invoices, payments and compliance information in a real-time environment utilizing a shared database. The system provides the developer and contractor comprehensive cost and cash flow information for the project.
Ronald Barrott, CEO, ALDAR Properties, commented: “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.”
Commenting on the new technology, Patrick Allin, CEO of Textura, said: “To our knowledge there is no similar system in use anywhere in the world. It will revolutionize the existing process, which is largely manual, inefficient, prone to error, and results in poor visibility, delayed payments, and of course disputes.
“The JV will allow Textura to pursue our goal of building a global company. The JV brings together world leading technology with ALDAR, the leading developer in Abu Dhabi and one of the largest in the world,” he added.
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