Aldar Properties, Abu Dhabi’s leading real estate developer, will make its entry into the Dubai property market after signing a binding joint venture agreement with Dubai Holding. Under the agreement, the two companies will jointly develop 9,000 residential units in three communities.
Dubai Holding, a diversified global investment company with an extensive portfolio of AED 130 billion worth of assets, have signed a binding joint venture agreement to develop exciting new living experiences across prime locations in Dubai.
The announcement comes just days after Aldar’s recent acquisitions of Al Fahid Island in Abu Dhabi and a new waterfront development in Ras Al Khaimah, and is part of the company’s broader expansion into new markets.
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.
“Our entry to Dubai is a milestone moment for Aldar, and we are excited about our long-term growth potential in the emirate alongside Dubai Holding, a prominent and strategic partner.
“We will also continue to explore further expansion and investment opportunities in Dubai, reflecting our belief in the market’s maturing real estate fundamentals and our confidence in its status as a growing and lucrative market, where long-term demand from end-users and investors is well supported by a diversified economy, proactive government policy, and population growth.”
The new communities will be developed in three locations across an area of 38.2 million sqft (3.55 million sqm) and will be located in the suburban heart of Dubai adjacent to E311 and E611. The communities will be in close proximity to several notable residential communities and are some of the last remaining vacant and undeveloped plots of land in this established corridor.
Aldar will be responsible for the full development cycle, including concept design, sales, delivery, and management of the developments.
The projects will launch in 2023 through a phased approach and will consist 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). These new communities will have a strong emphasis on high-quality design, liveability, sustainability, and community.
Amit Kaushal, Group Chief Executive Officer, Dubai Holding, said: “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, one of the market leaders in this field, we are delivering on a shared objective of driving the UAE’s economic growth and creating long-term, sustainable value for all our stakeholders.
“With the favourable economic environment in Dubai and the upward trend in its real estate sector, we are well positioned to attract international investors through such strategic partnerships that bring new and exciting offerings to the market.
“The JV with Aldar demonstrates Dubai Holding’s unparalleled track record of being the strategic ‘partner of choice’ for strong regional and institutional investors.”
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