Abu Dhabi, UAE–Abu Dhabi-baed Aldar Properties will make a debut into Dubai’s lucrative real estate market after it signed an agreement with Dubai Holding.
The joint venture will develop new communities in three locations across an area of 38.2 million sqft (3.55 million sqm). The new communities will be located in the suburban heart of Dubai along the E311 and E611 corridors in close proximity to 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.
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 sqft (1.8 million sqm).
Talal Al Dhiyebi, Group Chief Executive Officer 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.”