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Aldar-Expo City venture unveils Dh1.75b project

Six-building development is a core element of a new master plan

Published: Thu 10 Oct 2024, 5:39 PM

By
Issac John

Aldar, Abu Dhabi’s leading real estate developer, and Expo City Dubai have entered a partnership to develop a Dh1.75 billion mixed-use residential, office, and retail project close to Al Maktoum International Airport and the Dubai Exhibition Centre.

The six-building development is a core element of a new master plan unveiled by Expo City Dubai to elevate the area as a prime business and lifestyle destination.

The buildings are located beside Dubai Exhibition Centre, which is set for Dh10 billion expansion that will increase the exhibition space from 58,000 sqm to 180,000 sqm by 2031, making it the largest indoor exhibition and events destination in the region.

Expo City Dubai and Aldar have established a 50:50 joint venture to deliver and own the mixed-use development, which has a gross development value of more than Dh1.75 billion. 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, the two companies said in a joint statement.

The signing of the joint venture was witnessed by Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman and Chief Executive of Emirates Airline and Group; and Chairman of Expo City Dubai Authority.

Reem Al Hashimy, UAE Minister of State for International Cooperation and CEO of Expo City Dubai Authority, said the groundbreaking joint venture is a reflection of Expo City’s 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, honouring the legacy of Expo 2020 and advancing our mission of further transforming this strategic location in Dubai into a premier international business district.”

“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,” said Talal Al Dhiyebi, group chief executive officer at Aldar.

Al Dhiyebi said 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.”

He said Expo City serves as a blueprint for sustainable urban living in Dubai and in line with the Net Zero commitments of both entities, the new development will follow sustainable design principles and ensure a smart built environment in keeping with Expo City’s new master plan. The master plan envisions a sustainable, smart, and people-centric city with a focus on green spaces, enhanced mobility, and balanced urban development.

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. Among key investments, Aldar has established a joint venture with Dubai Holding to develop prime residential communities, is partnering with DP World to build a landmark logistics park, and recently announced the planned development of a Grade A office building adjacent to the Dubai International Finance Centre.