ABU DHABI, 2nd February, 2023 (WAM) — Aldar Properties and Dubai Holding have announced the signing of a binding joint venture agreement to develop new living experiences across prime locations in Dubai.
The agreement marks Aldar’s entry into Dubai’s high performing real estate market as part of the company’s broader expansion into new markets. The move adds considerable weight to Aldar’s development pipeline, following the recent acquisitions of Al Fahid Island in Abu Dhabi and a new waterfront development in Ras Al Khaimah.
The joint venture will develop new communities in three locations across an area of 38.2 million sqft (3.55 million sqm). The new communities will be located in the suburban heart of Dubai along the E311 and E611 corridors in close proximity to several residential communities.
With support from Dubai Holding, Aldar will be responsible for the full development cycle, including concept design, sales, delivery, and management of the developments.
Commenting on the joint venture, Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties, said, “Through the execution of our transformational growth agenda, we continue to generate expansion opportunities, which are driving new revenue streams and creating greater shareholder value.”
The developments will start to launch in 2023 through a phased approach and will feature more than 9,000 units consisting of villas, townhouses, and apartments supported by retail and community facilities with a total gross floor area of 19.3 million sqft (1.8 million sqm).
Amit Kaushal, Group Chief Executive Officer, Dubai Holding, commented, “Over the years, Dubai Holding has played a major role in supporting the growth of the Emirate’s real estate sector. By joining forces with Aldar, we are delivering on a shared objective of driving the UAE’s economic growth and creating long-term, sustainable value for all our stakeholders.”
The new joint venture with Dubai Holding further supports Aldar’s continued pursuit of an accelerated and transformational growth agenda with the aim of adding scale across its core development and investment property platforms.