Abu Dhabi developer Aldar Properties said it has signed an agreement with Dubai Holding, a leading UAE investment conglomerate, to set up a joint venture entity for developing new living experiences across prime locations in Dubai.
The agreement, which marks Aldar’s entry into Dubai’s real estate market, comes as part of its broader expansion into new markets.
The move adds considerable weight to Aldar’s development pipeline, following the recent acquisitions of Al Fahid Island in Abu Dhabi and a new waterfront development in Ras Al Khaimah.
The joint venture will develop new communities in three locations across an area of 38.2 million sq ft. The new communities will be located in the suburban heart of Dubai along the E311 and E611 corridors in close proximity to several residential communities.
With support from Dubai Holding, Aldar will be responsible for the full development cycle, including concept design, sales, delivery, and management of the developments.
According to Group CEO Talal Al Dhiyebi, the JV firm will start launching the projects beginning this year in a phased manner.
“It is likely to feature more than 9,000 units consisting of villas, townhouses, and apartments supported by retail and community facilities with a total gross floor area of 19.3 million sq ft (1.8 million sqm),” he added.
Meanwhile, in Abu Dhabi, Aldar Properties has announced the launch of its boutique residential project, Manarat Living, in the cultural district on Saadiyat Island.
The development will feature 273 homes located close to the cultural hotspot Manarat Al Saadiyat, where year-round art exhibitions, workshops, and performances are enjoyed, said Aldar.
Manarat Living will feature a range of sustainable design and building measures, including the use of efficient water fixtures, green building technologies, and sustainable construction materials.
According to Aldar, the development has been designed to achieve a two-Pearl rating, as per the Estidama system.