Aldar Group and Arada have signed strategic partnership agreements worth nearly 15 billion dirhams in total to develop real estate projects on Yas Island and in Seih Al Sdeirah in Abu Dhabi, marking Arada’s first entry into the emirate’s property development market.
Mixed-use development in Seih Al Sdeirah
The first phase includes establishing a joint venture to develop a mixed-use urban community within a master plan in Seih Al Sdeirah, covering up to 1.5 million square metres. The project’s initial concept focuses on villas and townhouses, alongside retail outlets and entertainment facilities.
Under the agreement, Arada will manage the development and construction work, while the two companies will collaborate on developing the project’s brand identity and selling its units.
Three plots of land on Yas Island
Arada has acquired three plots of land from Aldar to develop new residential projects on Yas Island, including two plots with canal views. The three plots cover more than 27,500 square metres in total, while their combined gross floor area approaches 130,000 square metres.
The Yas Island and Seih Al Sdeirah projects represent the first phase of the strategic partnership between the two sides, which plan to explore additional cooperation opportunities across different sectors, asset classes and locations in the UAE.
Plans to expand the partnership
Talal Al Dhiyebi, chief executive of Aldar Group, said the partnership is based on the complementary capabilities of the two companies, adding that the opportunities on Yas Island and in Seih Al Sdeirah provide a foundation for cooperation with Arada, with the potential to expand it in the future to include multiple sectors and locations across the UAE.
Ahmed Alkhoshi, chief executive of Arada Group, said the partnership marked an important milestone in the company’s growth in the UAE, adding that Aldar’s scale and integrated ecosystem in Abu Dhabi provide a foundation for developing the targeted communities. He said Arada sees further opportunities in Abu Dhabi and other parts of the UAE and looks forward to building a long-term partnership with Aldar.
