Aldar, Arada Sign AED15 Billion Strategic Partnership for Abu Dhabi Developments
ABU DHABI, Sept 30 (Saudi Arabia Breaking News) — Aldar and Arada announced a strategic partnership covering major development opportunities on Yas Island and at Seih Sdeirah in Abu Dhabi with a combined value of about AED15 billion, the Emirates News Agency reported.
The initial agreements include a strategic masterplan joint venture to develop a large-scale mixed-use community at Seih Sdeirah near the Abu Dhabi-Dubai border, as well as Arada’s acquisition of three residential development plots on Yas Island.
At Seih Sdeirah, the two companies plan to develop a community covering up to 1.5 million square metres of land, with villas, townhouses, retail and recreational amenities.
Arada will lead development and construction management, while Aldar and Arada will jointly brand and sell the community.
On Yas Island, Arada acquired three development plots from Aldar for new residential projects. The sites, including two canal-facing plots, have a combined area of more than 27,500 square metres and total gross floor area of almost 130,000 square metres.
The transactions mark Arada’s first development presence in Abu Dhabi and will expand its residential portfolio in the emirate.
Aldar Group Chief Executive Talal Al Dhiyebi said the partnership creates a foundation for broader cooperation between the two developers across sectors and locations in the UAE.
Arada Group Chief Executive Ahmed Alkhoshaibi said the companies see further opportunities for collaboration in Abu Dhabi and elsewhere in the country.
The Yas Island and Seih Sdeirah deals represent the first phase of the partnership, with both companies planning to explore additional projects across sectors, asset classes and locations in the UAE.
