Aldar and Dubai Holding have extended their landmark joint venture, with two strategic land plots in Dubai, that will provide nearly 14,000 new homes with a gross development value (GDV) exceeding AED38 billion.
The extended partnership that was opened in 2023 is a huge milestone towards the further development of Aldar in Dubai, after the successful introduction of its first communities into the emirate, including Haven, Athlon, and The Wilds.
It also goes further to support the objective of Dubai Holding to create value out of its strategic land bank and bring about a world-class community throughout the emirate.
The first plot, situated with Dubai’s eastern growth corridor opposite Nad Al Sheba, will be an active, family-oriented community featuring apartments, townhouses, and villas. The area of the land is about 4 million sqm, and the project will be launched in 2026.
The second plot, situated at Palm Jebel Ali, will be an ultra-luxury waterfront development that will comprise branded and non-branded residences. The project will include a gross floor area (GFA) spanning nearly 250,000 sqm, presenting a high-end lifestyle experience with direct access to the beach, and is expected to go on sale in 2027.
As part of a major element of the Dubai 2040 Urban Master Plan, Palm Jebel Ali, with more than 90 km of beachfront, will establish a new global standard in waterfront lifestyle and anchor a new growth axis in the Jebel Ali region.
As in the case of the preceding agreement, Aldar will undertake the entire development cycle of both projects, which involves the concept design, sales, delivery, and management of the developments.
Talal Al Dhiyebi, Group Chief Executive Officer at Aldar, said, “Our extended partnership with Dubai Holding represents the next chapter of Aldar’s strategic expansion in Dubai, ensuring a sustainable pipeline of developments to support long-term growth. Through this partnership, we are strengthening our footprint in one of the world’s most dynamic real estate markets while offering a wider choice of lifestyle communities that reflect the evolving aspirations of residents and investors alike.”
Amit Kaushal, Group Chief Executive Officer at Dubai Holding, stated, “This expanded partnership with Aldar reflects our long-term commitment to supporting the Dubai 2040 Urban Master Plan and the D33 Agenda through the development of well-planned, future-ready communities across the emirate. As a strategic land owner, we are unlocking the value of our land bank by working with leading partners to deliver high-quality destinations that meet the evolving needs of residents, businesses, and investors. The scale and momentum of this collaboration also underscore the strong demand and confidence in the real estate market in Dubai, and our shared belief in its continued growth as a global hub for living, investment, and opportunity.”
The announcement marks the total Dubai development pipeline of Aldar at above 2.3 million sqm of new GFA and an extension of the success of the first stage of the joint venture, where exceptional demand and investor confidence were evidenced by rapid sell-out launches and high interest in first-time Aldar customers.
The ongoing partnership reflects the interest of both companies to contribute to the 2040 Urban Master Plan in Dubai, developing the diversified real-estate environment of the emirate and pursuing the growth of the city and its areas through the balanced focus on wellness, sustainability, and integrated community living.
The expansion is also part of the overall plan of Aldar to diversify its revenue generation and improve the scale and consolidation of its market position in the UAE.
The joint venture has recorded high sales since the beginning of the Aldar-Dubai Holding partnership, and the investors have been demanding, and the sales have already reached AED21.5 billion to date.
Thus, Dubai still remains a major target market for Aldar and is a major growth driver in the long-term diversification and growth strategies of Aldar.
