UAE’s Aldar, Arada partner on $4bln Abu Dhabi projects

By Zawya

By Staff Writer

UAE-based developers Aldar Properties and Arada have entered into a strategic partnership to pursue approximately 15 billion UAE dirhams ($4.08) billion worth of development opportunities on Yas Island and at Seih Sdeirah in Abu Dhabi, the ADX-listed Aldar said in a press statement.

The partnership includes a masterplan joint venture to develop a large-scale mixed-use community at Seih Sdeirah, located on the Abu Dhabi-Dubai border, as well as the acquisition of three residential development plots on Yas Island by Arada from Aldar, according to a statement issued by Aldar.

The agreement marks Arada’s first development presence in Abu Dhabi.Under the Seih Sdeirah joint venture, the partners will develop a mixed-use community spanning up to 1.5 million square metres (sqm).

The project will include villas, townhouses, retail outlets and recreational amenities.Arada will lead the project's development and construction management activities, while both companies will jointly brand and market the community.As part of the partnership, Arada has also acquired three residential development plots on Yas Island.

The sites include two canal-facing plots with a combined land area exceeding 27,500 sqm and a total gross floor area (GFA) of nearly 130,000 sqm.According to the press statement, the Yas Island and Seih Sdeirah transactions represent the first phase of the strategic partnership between the two developers.

Aldar and Arada said they intend to explore additional collaboration opportunities across sectors, asset classes and geographies within the UAE.

(Editing by Anoop Menon)

(anoop.menon@lseg.com)

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