Aldar and Arada Join Forces on AED15 Billion Abu Dhabi Development Plans
Abu Dhabi-listed developer Aldar and Sharjah-based property company Arada have announced a strategic partnership covering residential and mixed-use developments with an estimated combined value of around AED15 billion ($4 billion).
Under the agreement, the companies will work together on a master-planned mixed-use community at Seih Sdeirah, located near the Abu Dhabi-Dubai border. Separately, Arada have purchased three residential plots on Yas Island for new developments.
The projects represent Arada’s first major move into Abu Dhabi’s real estate market, adding to the developer’s growing presence across the UAE and international markets.
Arada has been expanding its development pipeline beyond the UAE. Earlier this month, the company announced a proposed $7 billion mixed-use development in Damascus, Syria. The project is planned to include approximately 11,000 homes, comprising apartments, villas, townhouses and branded residences, alongside 500 hotel rooms and around 1,000 serviced apartments.
The developer has also announced a AED5 billion residential project in Queensland, Australia. The scheme is expected to deliver nearly 1,000 homes, ranging from one- to three-bedroom residences across two towers linked by a landscaped podium.
In the UK, Arada has continued its expansion following its acquisition of Regal, a British mixed-use property developer, last year. The company now has developments and investments across several international markets.
Arada’s global development pipeline is valued at approximately AED130 billion, with more than 55,000 homes across the UAE, UK and Australia.
Aldar has also been expanding its Abu Dhabi portfolio with several major projects announced this year. Among them is Marsa Al Saadiyat, a AED100 billion waterfront development planned for Saadiyat Island, which was unveiled in July.
The developer also recently introduced Yas Riva Reserve on Yas Island, a gated villa community featuring 292 four-, five- and six-bedroom homes.
Aldar’s latest financial results highlighted continued growth during the second quarter. For the three months ending in June, the company reported a 10 per cent year-on-year increase in net profit to AED2.16 billion. Revenue and rental income also increased by 5 per cent annually to AED8.1 billion.
At the end of June, Aldar’s development backlog stood at AED71.6 billion, including AED59.9 billion from projects in the UAE. The company said the backlog is expected to support revenue recognition over the next two to three years.
The partnership comes amid continued activity in Abu Dhabi’s property sector. According to figures from the Abu Dhabi Real Estate Centre, the emirate recorded AED117 billion in real estate transactions during the first half of the year, representing a 112 per cent increase compared with the same period a year earlier.
Transaction volumes also climbed 61.7 per cent, reaching 16,838 during the six-month period, highlighting the continued level of activity in the emirate’s property market.
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