Beijing-based China State Construction Engineering Corporation has signed an agreement with Abu Dhabi government-controlled investment vehicle Aabar Investments to develop $2bn of real estate projects in Abu Dhabi.

According to a source close to the deal, the projects covered by the agreement will be disclosed soon.

Funding for the projects will be provided by the Industrial and Commercial Bank of China.

Aabar is developing a number of major projects in the UAE capital. In late April, it awarded the local Arabtec Construction an estimated AED222m ($60m) contract to build a residential development on Abu Dhabi’s Reem Island.