The new company’s first projects will be on Aldar’s Yas island project, and will include the Warner Bros theme park, a water park, several hotels and other support facilities in the development.

Cebarco is already working on the island’s Formula One race track.

The agreement is the latest contracting joint venture formed by Aldar. In 2006 it formed a similar arrangement with UK-based Laing O’Rourke to build Al-Raha Beach, and earlier in 2008 it teamed up with Belgium’s Besix to build the shopping mall and Ferrari theme park on Yas island (MEED 13:1:08).