Aldar Properties, who is the largest listed developer in Abu Dhabi, is finally entering the Dubai real estate market in collaboration with Dubai Holding, which has an impressive portfolio of AED 130B (USD 35,4B) worth of assets. The two real estate giants signed a joint agreement to develop 9,000 units across three prime residential communities, located alongside the E311 and E611 corridor.

The exciting news came right after the recent purchases of Al Fahid Island in Abu Dhabi and a waterfront project in Ras Al Khaimah by Aldar Properties. According to Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties, the company is very excited about the new opportunities, which are set to increase revenue and the shareholder value. Talal Al Dhiyebi also expressed confidence in the investment potential of Dubai, fuelled by population growth, its diversified economy and various government initiatives.

The upcoming communities will span across a whopping 38.2 million sq. ft on a few of the last remaining land plots adjacent to the E311 and E611. Aldar Properties will handle the entire development procedure, including concept designs, sales, handovers and management.

According to Arabian Business, the developments will be released this year (2023) in phases, and will include villas, townhouses and apartments. There will also be retail and community facilities with a total GFA of 19.3 million sq. ft. In line with the current trends, the main focus of the new communities will be on sustainability and liveability.

As stated by Amit Kaushal, Group Chief Executive Officer, Dubai Holding, the joint venture with Aldar Properties, which is one of the leading developers in the UAE, will bolster the economic growth of the country and attract multiple investors from across the globe.