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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 in prime locations in Dubai.
The agreement marks Aldar’s entry into Dubai’s high-performance real estate market as part of the company’s wider expansion into new markets. The move adds significantly to Aldar’s development plans following recent acquisitions of Abu Dhabi’s new waterfront developments at Al Fahid Island and Ras Al Khaimah.
The joint venture will develop new communities across three sites, covering 38.2 million square feet (3.55 million square meters). The new community will be located in the suburban center of Dubai, along the E311 and E611 corridors, close to several residential communities.
With the support of Dubai Holding, Aldar will be responsible for the entire development cycle, including conceptual design, sales, delivery and development management.
Commenting on the joint venture, Talal Al Dhiyebi, Group Chief Executive Officer of Aldar Properties, said: “By executing on our transformational growth agenda, we continue to create expansion opportunities, which are driving new revenue streams and creating greater shareholder value.”
The developments, to be launched in phases through 2023, will include more than 9,000 units, including villas, townhouses and condominiums, with retail and community amenities, totaling 19.3 million square feet (1.8 million square meters).
Amit Kaushal, CEO of Dubai Holding, commented: “Dubai Holding has played an important role in supporting the development of the emirate’s real estate sector over the years. By joining forces with Aldar, we are achieving A shared goal of long-term, sustainable value.”
The new joint venture with Dubai Holding further supports Aldar’s continued pursuit of an accelerated and transformational growth agenda, aimed at increasing the scale of its core development and investment real estate platform.
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