ABU DHABI - Aldar Real Estate and Dubai Holding have announced the signing of a binding joint venture agreement to develop a new lifestyle experience in a prime location in Dubai.
The agreement marks Aldar's entry into Dubai's high performance real estate market as part of the company's extensive expansion into new markets.
The move adds considerable weight to Aldar's development pipeline following the recent acquisition of Al Fahid Island in Abu Dhabi and a new waterfront development in Ras Al Khaimah.
The joint venture will develop new communities in three locations covering 38.2 million square feet (3.55 million square metres).
These new communities will be located in the heart of Dubai's suburbs, along the E311 and E611 corridors and in close proximity 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: "We continue to create expansion opportunities through the execution of our transformational growth agenda, which will drive new revenue streams and create greater shareholder value.
The developments, which will be launched in phases starting in 2023, will have over 9,000 units, including villas, townhouses and flats, supported by retail and community facilities, with a total gross floor area of 19.3 million square feet (1.8 million square metres).
Amit Kaushal, Chief Executive Officer of Dubai Holding, said: "Over the years, Dubai Holding has played a significant role in supporting the development of the real estate sector in the UAE. By joining forces with Aldar, we are achieving a common goal of driving economic growth in the UAE and creating long-term, sustainable value for all our stakeholders."
The new joint venture with Dubai Holding further supports Aldar's continued pursuit of an accelerated and transformative growth agenda, with the aim of scaling up on its core development and investment real estate platform.
