Aldar Properties, Abu Dhabi’s leading real estate developer, investor and manager, and Dubai Holding, a global investment holding with an extensive portfolio of AED 130 billion worth of assets, have sealed an agreement in expanding the growing portfolio of the two organisations by developing three communities across 38.2 million sq ft (3.55 million sq m) of land in Dubai’s prime locations.
The momentous agreement marks Aldar’s entry into the high performing Dubai real estate market, in support of Aldar’s broader expansion into new markets, inside and out of the UAE. The move further adds considerable weight to the major developer’s pipeline, following its recent acquisition of Al Fahid Island in Abu Dhabi and a new waterfront development located in Ras Al Khaimah.
The joint venture will develop new communities in the suburban heart of Dubai – along the E311 and E611 corridors which are near several notable residential communities. Aldar will be spearheading the full development cycle of the properties, including concept design, sales, delivery and management of the portfolio.
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.” Talal Al Dhiyebi also noted that Aldar will continue to explore further expansion and investment opportunities in Dubai, where the entity will be able to support the long-term demand of end-users as the country’s economy bolsters.
The planned developments will kick off in 2023 in a series of phases and will consist of more than 9,000 residential properties, including villas, townhouses and apartments, with retail and community facilities, having a total gross floor area of 19.3 million sq ft (1.8 million sq m). These developments are aimed at targeting a wider market as it is expected to bring fresh and unique offering to the Dubai market with its strong emphasis on high quality design, livability, sustainability and community.
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