Dubai, UAE – Deyaar, a leading real estate developer and service provider in Dubai, United Arab Emirates (UAE), and Arady Properties – PSC, based in Abu Dhabi, have signed a Memorandum of Understanding aiming to establish a joint development project on Al Reem Island in Abu Dhabi.
The MoU outlines the commercial objectives for the project, provides a framework for further negotiations between the companies, and explores joint ownership development possibilities.
The agreement was formalized by Saeed Al Qatami, CEO of Deyaar, and Khalifa Alzaabi, Managing Director of Arady Properties.
Saeed Mohammed Al Qatami, CEO of Deyaar, commented on the partnership: “We are delighted to forge this important partnership with Arady Properties as we expand our project portfolio beyond Dubai. In line with our strategy, we collaborate with various partners to ensure our projects meet our valued customers’ and shareholders’ expectations. Selecting strategic locations and partners is crucial, and this agreement aligns perfectly with our objectives.”
Khaled Al Fahim, Chairman of Arady Properties – PSC, added: “Embarking on this collaboration with Deyaar, a renowned name in the real estate sector, is exciting. Our goal is to develop a residential project in Abu Dhabi that sets new standards for quality, innovation, and customer-centricity, hallmarks of Deyaar. This MoU will enable us to merge our expertise, contributing significantly to Abu Dhabi’s real estate development and offering distinctive residential options to local and international customers.
The MOU marks a significant step in the promising collaboration between Deyaar and Arady Properties, sharing a vision of leveraging their decades of expertise to establish a residential project in Abu Dhabi. After signing the MOU, the companies plan to enter a mutually acceptable joint venture shareholders’ agreement to advance the project’s development, financing, construction, and sales.
Throughout its history, Deyaar has developed strategic partnerships with renowned real estate entities in the region and beyond. This latest collaboration underlines Deyaar’s commitment to expanding its footprint, continuing its strategy of delivering innovative, high-quality projects on time to meet customer aspirations.