ABU DHABI (ALETIHAD)
Aldar and Arada have formed a strategic partnership covering development opportunities worth about Dh15 billion on Yas Island and at Seih Sdeirah in Abu Dhabi.
The initial agreements include a joint venture to develop a large-scale mixed-use community at Seih Sdeirah on the Abu Dhabi-Dubai border and Arada’s acquisition of three residential development plots from Aldar on Yas Island.
The partnership marks Arada’s first development presence in Abu Dhabi and brings together Aldar’s landbank and development platform in the emirate with Arada’s development experience.
In the presence of HRH Prince Khaled bin Alwaleed bin Talal Al Saud, Executive Vice Chairman of Arada, and Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, the agreements were signed by Jonathan Emery, Chief Executive Officer of Aldar Development, and Ahmed Alkhoshaibi, Group Chief Executive Officer of Arada.
This partnership brings together two leading UAE developers with complementary capabilities and a shared ambition to create high-quality destinations,” Al Dhiyebi said.
He said the opportunities on Yas Island and at Seih Sdeirah provided a foundation for the companies’ collaboration, with potential to expand the partnership across sectors and geographies in the UAE.
Alkhoshaibi said the partnership marked a significant step in Arada’s growth in the UAE and described it as the beginning of a long-term collaboration with Aldar.
At Seih Sdeirah, the two companies will co-develop a mixed-use community covering up to 1.5 million square metres of land.
The development is envisaged as a villa and townhouse community with 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 has acquired three development plots from Aldar for new residential projects.
The plots, including two canal-facing sites, have a combined area of more than 27,500 square metres and a total gross floor area of almost 130,000 square metres.