RIYADH: Abu Dhabi based Aldar Properties is set to begin devlopments in Dubai after signing a joint venture agreement with Dubai Holding to build 9,000 new homes across three communities in Dubai.
The developments will take place in the suburban heart of the city along the E311 and E611 corridors across 38.2 million sq. ft of land. according to a press release.
Work is set to begin this year, according to a press release.
“Our entry to Dubai is a milestone moment for Aldar, and we are excited about our long-term growth potential in the emirate alongside Dubai Holding, a prominent and strategic partner,” said Group CEO at Aldar Properties Talal Al Dhiyebi.
Aldar will be in charge of the entire development cycle, including concept design, sales, delivery, and management of the developments.
“The JV with Aldar demonstrates Dubai Holding’s unparalleled track record of being the strategic ‘partner of choice’ for strong regional and institutional investors. In line with our vision to operate For the Good of Tomorrow, we will continue to unlock opportunities that position Dubai as a leading destination for investments from across the globe,” noted Amit Kaushal, CEO of Dubai Holding.
“By joining forces with Aldar, one of the market leaders in this field, we are delivering on a shared objective of driving the UAE’s economic growth and creating long-term, sustainable value for all our stakeholders,” Kaushal added.
