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Dubai Holding, a diversified company with an investment portfolio of AED 130 billion, has signed a legally binding joint venture agreement with Aldar Properties, a leading developer, investor, and property manager in Abu Dhabi. The project aims to create exciting new living conditions in key areas of Dubai.
Content:
- Cooperation benefits
- Aldar's entry into the Dubai real estate market
- Property in a joint project between Dubai Holding and Aldar Properties
Cooperation benefits
The main benefit of the partnership will be the creation of new districts of 3,550,000 square meters in three different locations. The new communities will be located in the suburban center of Dubai, along corridors E311 and E611, close to several major residential areas of the city.
Through the implementation of the joint program, opportunities for transformational growth will be created that attract new revenue streams and create greater value for shareholders. The emirate's long-term growth potential, along with outstanding partner Dubai Holding, is a milestone for Aldar Properties and its entry into the Dubai real estate market.
Aldar's entry into the Dubai real estate market
Following the acquisition of Al Faheed Island in Abu Dhabi and the new waterfront development in Ras Al Khaimah, the partnership with Dubai Holding will significantly strengthen Aldar Properties' growth and position it in the Dubai's vibrant real estate market.
Backed by Dubai Holding, the key market leader and engine of Dubai's economy, innovation and knowledge, Aldar Properties, will be responsible for the entire construction process including design, sales, delivery, and management.
“We will also continue to explore opportunities for further expansion and investment in Dubai, reflecting our belief in the maturing fundamentals of a growing and lucrative real estate market and our confidence in its status, where long-term demand from property owners and investors is well supported by a diversified economy, active government policies, and population growth,” said Talal Al Dhiebi, CEO of Aldar Properties.
Property in a joint project between Dubai Holding and Aldar Properties
Working on the project will begin in 2023 and will include the construction of residential complexes with a total area of 1,800,000 square meters. There are more than 9,000 residential units in development including luxury villas, townhouses, and apartments, with the provision of commercial and public amenities. With a focus on premium design and upscale amenities, these upcoming communities will bring something new and unique to the Dubai market, allowing Aldar to target a broader and more diverse consumer base.
Amit Kaushal, Chief Executive Officer of Dubai Holding Group, said: “Over the years, Dubai Holding has played an important role in supporting the growth of the Emirate's real estate sector. By joining forces with Aldar, one of the market leaders in this field, we will achieve our common goal of driving the economic growth of the UAE and creating long-term and sustainable value for all our stakeholders.”
Given the favorable economic environment in Dubai and rising real estate trends, Dubai Holding's collaboration with Aldar Properties brings exciting new offerings to the market and offers an ample opportunity to attract international investors.
