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Aldar Properties and Dubai Holding have entered into a joint mandatory agreement to develop new projects that provide distinct residential experiences within prime locations in Dubai.
This important agreement represents Aldar’s entry into the high-performance real estate market in Dubai, as part of its continuous efforts to expand into new markets. Waterfront in Ras Al Khaimah.
Through this agreement, the joint venture will own large plots of land with an area of 38.2 million square feet (3.55 million square metres). The new residential complexes will be developed within three strategic locations in the heart of Dubai’s urban plan on E311 and E611 Streets, close to many prominent residential complexes, noting that it is one of the last remaining undeveloped plots of land in this important and attractive development area.
In cooperation with Dubai Holding, Aldar will undertake the full development process in all its stages, including the development of the concept and design, through the sale phase, to the implementation and management of development projects.
new opportunities
Talal Al Dhiyebi, CEO of Aldar Properties Group, said: “We continue to look for new opportunities for growth and expansion through the implementation of our transformational growth strategy, providing us with new sources of revenue and creating greater value for shareholders. Our entry into the Dubai real estate market represents an important milestone in the history of the house, and we look forward to cooperating with Dubai Holding, which represents an ideal strategic partner for us in this step, to take advantage of the emirate’s promising growth potential in the long term.
