Abu Dhabi developer Aldar Properties said it has signed an agreement with Dubai Holding, the UAE’s leading investment group, to form a joint venture entity to develop a new living experience in prime locations in Dubai.
The agreement marks Aldar’s entry into Dubai’s real estate market and is part of a 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 in three locations covering 38.2 million square feet. The new community will be located along the E311 and E611 corridors in the heart of Dubai’s suburbs, 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.
Regarding the joint venture, Group CEO Talal Al Dhiyebi said: “By executing on our transformational growth agenda, we will continue to create expansion opportunities that will drive new revenue streams and create greater shareholder value.”
He said the new joint venture with Dubai Holding further supports Aldar in continuing to pursue an accelerated and transformational growth agenda to scale its core development and investment real estate platform.
According to Al Dhiyebi, the joint venture will launch the projects in phases starting this year.
“It could have more than 9,000 units, including villas, townhouses and apartments, supported by retail and community facilities, with a total floor area of 19.3 million square feet (1.8 million square meters),” he added.
Amit Kaushal, CEO of Dubai Holding, said: “Dubai Holding has played an important role in supporting the development of the emirate’s real estate sector over the years.”
He added: “By joining forces with Aldar, we are achieving our shared goal of driving economic growth in the UAE and creating long-term, sustainable value for all our stakeholders.”trade arab news agency