Aldar signs strategic JV with Dubai Holding, enters Dubai real estate market

Aldar Properties and Dubai Holding have signed a joint venture agreement to develop new properties across prime locations in Dubai.

The landmark agreement, marks Aldar’s entry into Dubai’s real estate market, as part of the company’s broader expansion into new markets.

The move bolsters Aldar’s development pipeline, following the recent acquisitions of Al Fahid Island in Abu Dhabi and a new waterfront development in Ras Al Khaimah.

Read: Aldar acquires Doubletree By Hilton Resort and Spa, takes total investment in RAK to Dhs2bn

The joint venture will develop new communities in three locations across an area of 38.2 million square feet (3.55 million square metres).

The new communities will be located in the suburban heart of Dubai – along the E311 and E611 corridors in close proximity to several notable residential communities – and represent some of the last remaining vacant and undeveloped plots of land in this established and popular corridor.

Adar to lead development cycle

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

Talal Al Dhiyebi, group CEO at Aldar Properties, 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. Our entry to Dubai is a milestone moment for Aldar, and we are excited about our long-term growth potential in the emirate alongside Dubai Holding, a prominent and strategic partner.

“We will also continue to explore further expansion and investment opportunities in Dubai, reflecting our belief in the market’s maturing real estate fundamentals and our confidence in its status as a growing and lucrative market, where long-term demand from end-users and investors is well supported by a diversified economy, proactive government policy, and population growth.”

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 apartments supported by retail and community facilities with a total gross floor area of 19.3 million square feet (1.8 million square metres).

Amit Kaushal, group CEO Dubai Holding, said: “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, one of the market leaders in this field, we are delivering on a shared objective of driving the UAE’s economic growth and creating long-term, sustainable value for all our stakeholders.”

🚨New Partnership Alert🚨

We are pleased to announce a strategic partnership with Aldar Properties to support their first venture into the Dubai real estate market.https://t.co/5rsBP19CQ0#Portfolio

— Dubai Holding (@dubaiholding) February 2, 2023

“With the favourable economic environment in Dubai and the upward trend in its real estate sector, we are well positioned to attract international investors through such strategic partnerships that bring new and exciting offerings to the market. The JV with Aldar demonstrates Dubai Holding’s unparalleled track record of being the strategic ‘partner of choice’ for strong regional and institutional investors. In line with our vision to operate For the Good of Tomorrow, we will continue to unlock opportunities that position Dubai as a leading destination for investments from across the globe,” Kaushal added.

In other news, Aldar’s Cloud Spaces, which is an innovative office space solution provider, is set to introduce ETHER at Yas Mall in Abu Dhabi. This co-retail space will provide an innovative, accessible, tech-powered retail platform, where shoppers can explore multiple product lines under one roof.

Visitors will be able to find everything from athleisure and colourful prints to new and upcoming Emirati fashion brands to art.

Read: Aldar subsidiary Cloud Spaces to launch ETHER, a new co-retail space, at Yas Mall