Aldar Properties, the leading real estate development, investment and management company in Abu Dhabi; Dubai Holding, the global investment company that manages a diversified portfolio of assets worth 130 billion dirhams in several sectors; A joint mandatory agreement to develop new projects that provide premium residential experiences within prime locations in Dubai.
According to a company statement, Namaazone received its copy today, Thursday. This important agreement represents Aldar's entry into the high-performance real estate market in Dubai, as part of its continuous endeavors to expand into new markets. It also constitutes a significant addition to Aldar's portfolio of projects under development, after its recent acquisition of Al Fahad Island in Abu Dhabi, as well as its new waterfront development 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, a leading company in many key sectors, which is a major driver of growth, innovation and the knowledge economy in the Emirate of Dubai, Aldar will undertake the full 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.
On this occasion, Talal Al Dhiyebi, CEO of Aldar Properties Group, said: We continue to search for new opportunities for growth and expansion by implementing our transformational growth strategy, which provides us with new sources of revenue and achieves 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 benefit from the promising growth potential in the emirate in the long term.
He added, We will also continue to explore more opportunities for expansion and investment in Dubai, given the strong fundamentals and maturity of its real estate market, in addition to the emirate's reputation as a thriving market full of rewarding opportunities. In addition, the Dubai real estate market is witnessing long-term levels of demand from end users and investors, supported by the emirate's diversified economy and the proactive government policy that looks forward to the future, in addition to the continuous population growth it is witnessing.
The development work for the projects will start in 2023 and will be completed in several phases. It will include more than 9,000 units ranging from villas, townhouses and apartments, complemented by retail space and community facilities, with a total floor area of 19.3 million square feet (1.8 million square metres). These new residential complexes will provide unique options in the Dubai market, enabling the house to target a broader and more diverse customer base, and will focus more on aspects of high-quality design, comfort and well-being of residents, sustainability and community life.
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, one of the leading companies in the sector, is 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 to attract more international investors through such strategic partnerships, which in turn present new opportunities and options in the market. This joint venture with Aldar highlights our record of achievements and successes, being 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 destination that attracts investments from all over the world.
This new partnership, with Dubai Holding, supports Aldar's ongoing efforts towards implementing an accelerated transformational growth program, with the aim of expanding its core platforms for real estate development and investment.