The Cooperation Will Enhance The Growing Portfolio And Diverse Offering By Both Enterprises Via Development Of Three Communities Across 38.2 Million Sq. Ft. Of Land
Dubai Holding has signed a legally binding joint venture agreement. A highly diversified investment company with a vast portfolio of assets valued at Dh130 billion, and Aldar Properties, the top developer, investor, and manager of real estate in Abu Dhabi. The goal of the venture is to create exciting new living experiences throughout key areas of Dubai.
The company’s larger growth into other markets, the milestone agreement marks Aldar’s entry into Dubai’s very successful real estate industry. This decision comes shortly after the development of Al Fahd Island in Abu Dhabi and a brand new waterfront in Ras Al Khaimah. This significantly strengthened the Aldar development pipeline.
The combined venture will create new neighborhoods over 38.2 million square foot area in three different places (3.55 million sqm). The new communities will be located along the E311 and E611 corridors in the suburban center of Dubai. That close to numerous significant residential neighborhoods. On some of the last undeveloped and undeveloped parcels of land in this established and well-liked corridor.
Aldar will be in charge of the entire development cycle, comprising concept design, delivery, sales, and management of the developments. Along with assistance from Dubai Holding, a powerhouse across key sectors and the engine of Dubai’s innovation and knowledge-based economy.
Aldar Properties’ group chief executive officer, Talal Al Dhiyebi, said: We continue to develop expansion prospects through the implementation of our transformational growth plan. Which is generating new revenue streams and increasing shareholder value. Our launch in Dubai is a significant turning point for Aldar. In addition, we are enthusiastic about our prospects for long-term growth there with Dubai Holding, a significant and key partner.
In line with our conviction that the market’s real estate fundamentals are maturing and our confidence that it is a developing and lucrative market. We will also keep looking into additional expansion and investment opportunities in Dubai. Where long-term demand from end-users and shareholders is well supported by a diverse economy, proactive governmental policies, and population growth.
The complexes, with a total gross floor space of 19.3 million square feet, will begin to take shape in 2023. Moreover, include more than 9,000 units of villas, townhouses, and apartments complemented by retail and communal services (1.8 million sqm). With a focus on premium design, livability, sustainability, and community, these new communities will provide something distinctive to Dubai market. Enabling Aldar to target a larger and more diverse consumer base.
The development of the real estate industry in the Emirate has been greatly aided throughout time by Dubai Holding. We are achieving a shared goal of promoting economic growth in the UAE and producing long-term, sustainable value for all of our stakeholders by teaming up with Aldar, one of the market leaders in this sector, he said.
With Dubai’s flourishing economy and real estate market on the rise, we are in a good position. To entice foreign investors with this kind of strategic alliance that provide cutting-edge products to the market. The joint venture with Aldar highlights Dubai Holding’s unrivalled history as a strategic. “Partner of choice” for powerful local and institutional investors. In keeping with our mission to “operate For the Good of Tomorrow,” Kaushal continued. “We will continue to open doors that position Dubai as a premier location for investments from all around the world.”
In order to gain scale across its primary development and investment property platforms, Aldar is continuing to pursue an accelerated and transformational expansion plan. This is supported by the new joint venture with Dubai Holding.