Aldar enters the Dubai real estate market and concludes a joint agreement with Dubai Holding
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Aldar Properties and Dubai Holding Company have entered into a joint mandatory agreement to develop new projects that provide distinct residential experiences within prime locations in Dubai.
A statement stated that this important agreement represents Aldar Properties' entry into the high-performance real estate market in Dubai, as part of its continuous efforts to expand into new markets. Al-Fahed »in Abu Dhabi, in addition to its new development project on the waterfront in Ras Al-Khaimah.
Residential complexes
Through the 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 the E311 and E611 streets.
In cooperation with Dubai Holding, Aldar will undertake the entire development process in its various stages, including the development of the concept and design, through the sale phase, to the implementation and management of development projects.
According to the statement, the development work of the projects will start in the current year 2023 and will be completed in several stages, and will include more than 9,000 units that vary between villas, “townhouses” and apartments, complemented by retail spaces and community facilities with a total floor area of 19.3 million square feet (1.8 million square meters). ).
important station
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, which provides us with new sources of revenue and achieves greater value for shareholders.”
He added, "Our entry into the Dubai real estate market represents an important milestone in the history of (Aldar), and we look forward to cooperating with (Dubai Holding), which represents an ideal strategic partner for us in this step, to benefit from the promising growth potential in the emirate in the long term."
Al Dhiyebi continued, "We will also continue to explore more opportunities for expansion and investment in Dubai due to its strong fundamentals, maturity and development in its real estate market, in addition to the emirate's reputation as a thriving market full of rewarding opportunities." Pointing out that the Dubai real estate market is witnessing levels of demand. Long-term investment from end users and investors with the support of the Emirate's diversified economy and proactive government policy that looks forward to the future, as well as the continuous population growth it is witnessing.
Attracting investors
For his part, Amit Kaushal, CEO of Dubai Holding, said: “Over the past years, Dubai Holding has contributed mainly to supporting the growth of the real estate sector in the Emirate of Dubai, and its cooperation with (Aldar) represents a very important step to translate their vision. The common goal is to drive economic growth in the UAE and achieve long-term sustainable value for all stakeholders.
He added, "In light of the strong economic environment in the Emirate of Dubai and the momentum of continuous growth in the real estate sector, we have the capabilities and ingredients that make us in a good position that qualifies us to attract more international investors through such strategic partnerships, which in turn present new opportunities and options in the market." .
He continued, “This joint venture with (Aldar) highlights our record of achievements and successes, as we are a strategic partner for a wide and strong group of regional investors and major institutions and companies.
In line with our vision to work for a better life, we will continue to search for ways and opportunities that enhance Dubai's position as a leading and attractive destination for investments from all over the world.
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