Aldar Properties and Dubai Holding form JV for Dubai project
Abu Dhabi-based real estate developer, Aldar Properties, and Dubai Holding, the UAE-based investment conglomerate, have signed an agreement to establish a joint venture that will focus on the development of new living experiences in prime Dubai locations.
The agreement marks Aldar’s first entry into the Dubai real estate market, and is part of the developer’s broader expansion strategy, which has seen it move into new markets, a statement said. Furthermore, the move adds to the development pipeline, which includes the recent acquisition of Al Fahid Island in Abu Dhabi, and a new Ras Al Khaimah waterfront development.
The joint venture will see Aldar, with support from Dubai Holding, be responsible for the full development cycle of new communities that will be developed in three locations in suburban Dubai, across a a total area of 38.2 million square feet.
The communities will be located along the E311 and E611 road corridors, in close proximity to a number of residential communities in the city. Aldar’s responsibilities will include concept design, sales, delivery, and management of the developments.
Talal Al Dhiyebi, Group CEO of Aldar, 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."
"It is likely to feature more than 9,000 units consisting of villas, townhouses, and apartments supported by retail and community facilities with a total gross floor area of 19.3 million square feet (1.8 million square metres).”
Transformational Growth Agenda
He added that the new joint venture further supports Aldar’s continued pursuit of an accelerated and transformational growth agenda with the aim of adding scale across its core development and investment property platforms.
The JV firm will start launching the projects beginning this year in a phased manner, Al Dhiyebi continued.
Amit Kaushal, Dubai Holding Group CEO, added: "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, we are delivering on a shared objective of driving the UAE’s economic growth and creating long-term, sustainable value for all our stakeholders," he concluded.