Aldar Properties and Dubai Holding have signed a binding joint venture (JV) agreement to develop new living experiences across prime locations in Dubai.
The agreement marks Aldar’s entry into Dubai’s high-performing real estate market as part of the company’s broader expansion into new markets. The move adds considerable weight to Aldar’s development pipeline, following the recent acquisitions 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 across an area of 3.55 million sqm. The new communities will be located in the suburban heart of Dubai along the E311 and E611 corridors near several residential communities.
With support from Dubai Holding, Aldar will be responsible for the full development cycle, including concept design, sales, delivery, and management of the developments.
“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.”
Mr. Talal Al Dhiyebi, Group CEO at Aldar Properties, said that “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.”
The developments will start to launch in 2023 through a phased approach and will feature more than 9,000 units consisting of villas, townhouses, and 1.8 million sqm.
The new JV with Dubai Holding further supports Aldar’s continued pursuit of an accelerated and transformational growth agenda to scale across its core development and investment property platforms.
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