Property

Aldar Properties forms JV with Dubai Holding to enter Dubai market

The JV entity will develop new communities in three locations across a total area of 38.2m sqft, in suburban Dubai

Aldar Properties has signed an agreement with Dubai Holding to set up a joint venture (JV) entity for developing new living experiences across prime locations in Dubai. The firms said that the agreement, which marks Aldar’s entry into the Dubai real estate market, is part of the developer’s broader expansion strategy into new markets.

The move adds considerable heft to its development pipeline, following its recent acquisitions of Al Fahid Island in Abu Dhabi, and a new waterfront development in Ras Al Khaimah, a statement from Aldar noted.

The JV will develop new communities in three locations across a total area of 38.2m sqft. These communities will be located in the suburban areas of Dubai, along the E311 and E611 corridors, in close proximity to a number of residential communities.

Aldar said it will be responsible for the full development cycle, including concept design, sales, delivery, and management of the developments. Dubai Holding will support the processes.

In mid November 2022, Aldar joined the Clean Energy Business Council and, in early January 2023, it launched Sustainable City – Yas Island.

Talal Al Dhiyebi, Group CEO 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 19.3m sqft (1.8m sqm).”

He added that the new JV 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 projects beginning this year in a phased manner, Al Dhiyebi continued.

Amit Kaushal, Dubai Holding Group CEO concluded, “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.”

In late January 2023, Yas Holding launched its property development arm, Taraf.

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