Al Fahid Island has been purchased by Abu Dhabi-based Aldar Properties, which intends to develop a waterfront property there, the company said on Tuesday.
The 3.4 million square meter island is traversed by the Sheikh Khalifa bin Zayed Highway (E12), the main route connecting Yas Island and Saadiyat Island.
The deal will enable Aldar to significantly expand the size of its land bank and short-term development pipeline by adding a waterfront offering that includes Abu Dhabi’s mangroves and 4.6km of beaches. Al Fahid Island is expected to feature 4,000 homes, many of which would have breathtaking sea views, and an exceptional 11-kilometer beachfront frontage. The project will include townhouses, magnificent beachfront villas, and apartments.
Near the end of 2023, the development’s first phase will begin.
Aldar Properties’ Group CEO, Talal Al Dhiyebi, stated: “As we continue to develop Abu Dhabi’s most strategically positioned and sought-after attractions, this most recent land acquisition is a very significant one for Aldar. The purchase of Al Fahid Island further enhances Aldar’s capacity to provide long-term sustainable value to Abu Dhabi, its people, and our shareholders by securing our dominating presence on the Yas-Saadiyat corridor. We will bring the best of Aldar to what will be one of the most prestigious and sought-after locations in Abu Dhabi by activating different verticals of the group’s portfolio.
“Al Fahid Island promises a healthy pipeline of development activities for our business,” said Jonathan Emery, CEO of Aldar Development. The purchase of this island enables us to introduce distinctive properties to the market while also focusing on a broad range of upper market customers with touchpoints across the resident, second-home owner, staycation, and investor segments, given the strong demand we continue to witness for ultra-luxury products in Abu Dhabi’s most prestigious locations.