Aldar Properties and Dubai Holding have signed a binding joint venture agreement to develop exciting new living experiences across prime locations in Dubai. The milestone agreement, marks Aldar's entry into Dubai's high performing real estate market, as part of the company's broader expansion into new markets. The move adds considerable weight to Aldar's development pipeline, following the recent acquisitions of Al Fahid Island in Abu Dhabi and a new waterfront development in Ras Al Khaimah.

The joint venture will develop new communities in three locations across an area of 38.2 million sqft (3.55 million sqm). The new communities will be located in the suburban heart of Dubai ­ along the E311 and E611 corridors in close proximity to several notable residential communities ­ and represent some of the last remaining vacant and undeveloped plots of land in this established and popular corridor. With support from Dubai Holding, a powerhouse across key sectors and driver of Dubai's innovation and knowledge-based economy, Aldar will be responsible for the full development cycle, including concept design, sales, delivery, and management of the developments.

The developments will start to launch in 2023 through a phased approach and will feature more than 9,000 units consisting of villas, townhouses, and apartments supported by retail and community facilities with a total gross floor area of 19.3 million sqft (1.8 million sqm). These new communities will bring a fresh and unique offering to the Dubai market ­ allowing Aldar to target a wider and differentiated customer base ­ with a strong emphasis on high-quality design, liveability, sustainability, and community. The new joint venture with Dubai Holding further supports Aldar's continued pursuit of an accelerated and transformational growth agenda with the aim of adding scale across its core development and investment property platforms.