Abu Dhabi-based Aldar Properties has appointed a local contractor for infrastructure work on its Al-Merief project in the capital.

Aldar appointed National Projects & Construction to carry out all infrastructure work on its $250m villa community. The work is expected to take 16 months to complete.

Kuwait-based KEO International Consultants is understood to be the project’s main consultant.

The project, which will be developed in the Khalifa City area of Abu Dhabi, will be made up of 281 villas and eight apartment units.

In August, MEED reported that Aldar appointed a main contractor for its $120m mid-market Shams Meera residential project in Abu Dhabi.

The $70m contract, which was awarded to the local Fibrex, will see the firm work on the construction of 400 apartments and all associated works at the Shams Abu Dhabi scheme on Reem Island.

The project will be made up of two towers at 25 stories each. The consultant on the project is the US’ Aecom.

Earlier in August Aldar also refinanced AED1.8bn ($490m) of bank loans which were due to mature in 2018.

Three local and international banks agreed interest-only loans with five, seven and ten-year tenors.

Aldar’s debt maturity profile now averages four years.

US-based Standard & Poor’s upgraded Aldar’s long and short term issuer rating from BBB-/A-3 to BBB/A-2. It cited the property developer’s improving operating performance. Recurring income from Aldar’s rental portfolio has strengthened its financial and risk profile.