Aldar, the UAE’s leading real estate company, and Expo City Dubai have formed a 50:50 joint venture to develop a major mixed-use residential, office, and retail project.
The joint venture aims to deliver and own the mixed-use development, which has a gross development value of over AED 1.75 billion ($477 million). The residential, office, and retail spaces will have a combined gross floor area of 103,000 sqm and Aldar will be responsible for the asset management of the development once completed.
Its holding in the Expo City development will add further weight to its presence in Dubai and will be a valuable addition to the company’s develop-to-hold portfolio.
The signing ceremony was attended by His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman and Chief Executive of Emirates Airline and Group; Chairman of Expo City Dubai Authority.
Talal Al Dhiyebi Group CEO – Aldar Properties
“This is an important strategic partnership that will substantially contribute to the success of the newly launched Expo City Dubai master plan. We are creating the platform for people and businesses to thrive, providing high quality residential, commercial and retail spaces to complement the world-class conference and exhibition venues. The Expo City area is one of the region’s fastest developing zones, given the rapid development of infrastructure and its centrality to Dubai’s major trade and transportation hubs. Our partnership is formed on shared values and we see Expo City as a key partner in our ongoing expansion in Dubai.”
Her Excellency Reem Al Hashimy, UAE Minister of State for International Cooperation and CEO of Expo City Dubai Authority, commented that, “We are proud to announce this groundbreaking joint venture – a reflection of our unwavering commitment to working with strategic partners to foster innovation and sustainable economic growth. The first of many collaboration opportunities, this development builds on Aldar’s expertise and track record of delivering world class real estate, honoring the legacy of Expo 2020 and advancing our mission of further transforming this strategic location in Dubai into a premier international business district.”
Aldar’s partnership with Expo City represents further expansion of the company’s footprint in Dubai, which encompasses logistics, commercial and residential mixed-use development. Aldar has also formed a joint venture with Dubai Holding to develop prime residential communities.
The real estate company is partnering with DP World to build a pioneering logistics park. In addition to this, it has recently revealed the planned development of a Grade A office building adjacent to the Dubai International Finance Centre (DIFC).
This six-building development, located beside Dubai Exhibition Centre, is a key element of a new master plan unveiled by Expo City Dubai to develop the area as a prime business and lifestyle destination.
