Aldar and Arada have announced a significant strategic partnership valued at approximately AED 15 billion ($4.08 billion) for new developments on Yas Island and at Seih Sdeirah in Abu Dhabi. This collaboration includes a masterplan joint venture aimed at creating a large-scale mixed-use community at Seih Sdeirah, alongside Arada’s acquisition of three residential plots on Yas Island, as reported by Economy Middle East.
Arada’s First Development in Abu Dhabi
This partnership marks a pivotal moment for Arada, as it establishes the company’s first development presence in Abu Dhabi. The collaboration leverages Aldar’s extensive landbank and established development platform in the emirate, combined with Arada’s expertise in delivering large-scale communities.
The agreements were formalised in the presence of notable figures, including Prince Khaled bin Alwaleed bin Talal Al Saud, Executive Vice Chairman of Arada, and Talal Al Dhiyebi, Group Chief Executive Officer of Aldar. The signing was conducted by Jonathan Emery, CEO of Aldar Development, and Ahmed Alkhoshaibi, Group CEO of Arada.
Talal Al Dhiyebi expressed optimism about the partnership, highlighting the complementary capabilities of both developers and the potential for creating high-quality destinations. He noted that the opportunities on Yas Island and at Seih Sdeirah lay a strong foundation for future collaboration across various sectors in the UAE.
Details of the Developments
At Seih Sdeirah, the joint venture will focus on developing a mixed-use community spanning up to 1.5 million square metres. This project is envisioned as a villa and townhouse community that will include retail and recreational amenities, with Arada taking the lead on development and construction management.
On Yas Island, Arada has secured three plots from Aldar for new residential projects, which are part of one of the UAE’s premier lifestyle destinations. The plots, including two canal-facing sites, cover over 27,500 square metres and offer a total gross floor area of nearly 130,000 square metres.
Ahmed Alkhoshaibi remarked on the partnership’s potential, stating that Aldar’s established platform in Abu Dhabi provides an ideal foundation for the communities they plan to develop. He expressed enthusiasm for the long-term collaboration and the opportunities that lie ahead across Abu Dhabi and the wider UAE.
The Yas Island and Seih Sdeirah projects represent the initial phase of this strategic partnership, with both companies looking to explore further collaborations across various sectors and asset classes in the UAE.
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