Aldar Properties, one of the leading real estate developers in UAE has partnered with Diamond Developers, the mastermind behind ‘The Sustainable City’ brand, to form a $490 million joint venture (JV) for the development of a fully sustainable and unique community on Abu Dhabi’s Yas Island.
The Sustainable City-Yas Island will span an area of 397,000 square meters in Yas North. It will be developed in line with the UAE’s net-zero goals and the highest sustainability standards, comprising 864 townhouses and apartments and 3,000 sqm of retail.
The agreement will allow the company to introduce a tested model of sustainable development to Yas Island. ‘The Sustainable City’ branded concept and working model in Dubai was the first fully operational sustainable community in the Middle East, and it has already shown to be a successful intelligent, live-work-and-thrive destination that brings forward the 2050 global climate targets.
Jonathan Emery CEO Aldar Development
“This agreement marks an important milestone in Aldar’s strategy to accelerate sustainable development in Abu Dhabi. Diamond Developers has the track record and expertise to deliver high quality sustainable projects and Sustainable City Yas Island will combine the best of Diamond Developers with the best of Aldar. We also expect to use our learning from this partnership to introduce further sustainable solutions within our current and future developments.“
The Sustainable City – Yas Island will be powered entirely by renewable energy, allowing residents to save up to 100 percent on their energy bills. The master plan amalgamates green, energy-efficient designs with a people-centric philosophy featuring car-free residential clusters, recycling facilities, and indoor vertical farming.
In addition to residential and retail elements, the development will feature an equestrian center, a mosque, cycling and jogging tracks, and spacious landscaped areas.
Mr. Faris Saeed, Chairman of Diamond Developers, said that “The successful replication and rapid growth of sustainable developments around the world depends on partnerships and collaborations between the public and private sectors. We are pleased to join hands with Abu Dhabi’s leading developer Aldar, and believe this agreement offers substantive opportunities for the exchange of knowledge.“
The project is expected to begin construction in Q4 2022 and be completed in 30 months. The development will complement the diverse residential, retail, and entertainment offerings already available on Yas Island.
