Financial close has been reached on what’s billed as the biggest student accommodation public-private partnership (PPP) in the Gulf region.
Australia’s Plenary Group and Belgium’s Besix are the main investors – contributing 45% each – in the 23-year concession to design, build, finance and maintain 3,260 student rooms at Abu Dhabi’s Khalifa University.
Also taking part in their “KUnnected” consortium are Abi Dhabi’s Mazrui International as 10% equity investor and UAE’s United Engineering Construction as contractor.
United Engineering Construction will build the units at Khalifa University’s Main and Sas Al Nakhl campuses.
Besix will provide facilities management for the concession’s duration.
Plenary said construction would start soon and is due for completion at the end of 2026.
The Abu Dhabi Investment Office authorised the deal.
Parties did not disclose the value of the construction contract or the financial terms of the arrangement.
In 2022, Plenary and Besix secured a 20-year PPP deal to finance, build, and maintain three schools for 5,360 pupils in Abu Dhabi.
The schools were scheduled to open next month.
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