Aldar Properties Enters into the Dubai Real Estate Market via a Joint Venture with Dubai Holding

The leading developer of the Emirati capital; Aldar Properties, makes an entry into the Dubai real estate market after signing a joint venture agreement with Dubai Holding. It’s planned that the two famous companies will create 9,000 residential units located throughout three communities together.

Dubai Holding boasts an immersive portfolio with AED 130B (USD 35.4B) worth of assets. The aim of the agreement with Aldar Properties is to create unforgettable living experiences in the well-known areas of Dubai.

It’s worth noting that several days ago Aldar Properties acquired Al Fahid Island in the Emirati capital, as well as a new waterfront development in the northernmost emirate, Ras Al Khaimah. As Talal Al Dhiyebi, the Group Chief Executive Officer at Aldar Properties, stated, the execution of the transformational growth agenda will generate expansion opportunities which lead to new revenue streams, as well as create greater shareholder value. He added that entry into the emirate of Dubai is a significant event for Aldar Properties, and the company is glad to work on the long-term growth potential in Dubai together with Dubai Holding.

The upcoming three communities will occupy an area of 38.2M sq. ft and will be situated within close proximity to the E611 and E311. Several well-known developments will be located near the future communities, which will be located on the last vacant plots of land in the chosen areas. The design of the projects, as well as the sales, delivery and management of the developments will be overseen by Aldar Properties.

The new projects will be developed through phases, with the first ones being launched in 2023. Among them will be residential properties such as villas, townhouses and apartments, as well as retail stores and community facilities with a total gross floor area of 19.3M sq. ft. The new projects will also represent the values of high-quality design, sustainability and liveability.

The Group Chief Executive Officer of Dubai Holding, Amit Kaushal, has said that Dubai Holding has played an important role in the growth of the real estate sector of Dubai for several years, and together with Aldar Properties the companies will have an influence on the country’s economic growth. He also believes that thanks to the favourable economic environment of the emirate, they will attract international investors, and the partnership will bring new exciting projects to the real estate market of Dubai.

Abu Dhabi, as well as Dubai, continues attracting investors from all over the world. Among the recently launched projects in the Emirati capital, which has already attracted the attention of end users and potential investors are MANARAT LIVING, Yas Park Views, as well as The Sustainable City — Yas Island, in which the initial phase sold out within one day of the public launch.