Abu Dhabi – Mubasher: Aldar Properties joined forces with Expo City Dubai to develop a major mixed-use residential, office, and retail project, according to a press release.
Aldar and Expo City Dubai formed a 50:50 joint venture (JV) to deliver and own the mixed-use development, which has a gross development value of more than AED 1.75 billion.
The buildings are located beside the Dubai Exhibition Centre, which is set for an AED 10 billion expansion. This growth plan will increase the exhibition space from 58,000 square metres (m2)to 180,000 m2 by 2031, making it the largest indoor exhibition and events destination in the region.
Reem Al Hashimy, CEO of Expo City Dubai Authority, said: “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.”
Talal Al Dhiyebi, Group CEO of Aldar, said: “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,” Al Dhiyebi highlighted.
In September, Aldar pumped AED 1.50 billion investment to elevate its hotel assets portfolio in Abu Dhabi.
