The largest developer, investor, and manager of real estate in Abu Dhabi, Aldar Properties, and Dubai Holding, a highly diversified investment corporation with a large portfolio of assets valued at Dh130 billion, have signed a legally binding joint venture agreement. The project aims to develop interesting new housing opportunities across important Dubai neighborhoods.
The milestone agreement heralds Aldar’s debut into Dubai’s burgeoning real estate sector as part of the company’s bigger expansion into other markets. The action significantly boosts Aldar’s development pipeline following the recent purchases of Al Fahid Island in Abu Dhabi and a fresh waterfront project in Ras Al Khaimah.
Over a 38.2 million square foot area, the combined project will build new neighborhoods in three separate locations (3.55 million sqm). The new villages will be located along the E311 and E611 corridors in the suburban center of Dubai, 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, including concept design, sales, delivery, and management of the developments, with assistance from Dubai Holding, a powerhouse across key sectors and the engine of Dubai’s innovation and knowledge-based economy.
More than 9,000 units of villas, townhouses, and apartments will be included in the developments, which have a total gross floor area of 19.3 million square feet, which will start to take shape in 2023. The complexes also include shops and community facilities (1.8 million sqm). These new communities will bring something fresh and unique to the Dubai market with an emphasis on luxury design, liveability, sustainability, and community, allowing Aldar to target a bigger and more varied customer base.
Amit Kaushal, group chief executive officer of Dubai Holding, stated: Dubai Holding has significantly contributed to fostering the development of the Emirate’s real estate sector throughout the years.
producing lasting value for all of our stakeholders,” he declared.
“Dubai’s economy is doing well, and the real estate market there is on the rise, so we are in a good position to draw foreign investors through partnerships like these that introduce fresh, interesting products to the market. The joint venture with Aldar highlights Dubai Holding’s unmatched history as the strategic “partner of choice” for powerful local and institutional investors. We will keep creating possibilities that establish Dubai as a top location for international investment, in keeping with our mission to work For the Good of Tomorrow, Kaushal continued.