Aldar and Arada sign Dh15bn partnership for new Abu Dhabi developments
Aldar and Arada have formed a strategic partnership worth about Dh15 billion, covering a masterplan joint venture at Seih Sdeirah and three residential plots on Yas Island — marking Arada's first development presence in Abu Dhabi.
Aldar, Abu Dhabi’s biggest listed developer, and Sharjah-based Arada have formed a strategic partnership covering Abu Dhabi projects worth about Dh15 billion (about $4 billion), announced on 30 September (The National).
The agreements comprise a masterplan joint venture to co-develop a mixed-use community at Seih Sdeirah on the Abu Dhabi–Dubai border, and Arada’s acquisition of three residential plots on Yas Island from Aldar (Arada press release).
At Seih Sdeirah, a villa and townhouse community of up to 1.5 million sqm with retail and recreational amenities. Arada leads development and construction; branding and sales are shared (Aletihad).
On Yas Island, Arada’s three plots, two canal-facing, total over 27,500 sqm with almost 130,000 sqm of gross floor area. Signed by Jonathan Emery, chief executive of Aldar Development, and Ahmed Alkhoshaibi, group chief executive of Arada, in the presence of Prince Khaled bin Alwaleed bin Talal Al Saud, Arada’s executive vice chairman, and Talal Al Dhiyebi, Aldar’s group chief executive, the deal marks Arada’s first development presence in Abu Dhabi.
“The opportunities on Yas Island and at Seih Sdeirah establish a strong foundation for our collaboration with Arada, and we see significant potential to build on the partnership across sectors and geographies in the UAE,” Al Dhiyebi said. “This is the beginning of what we intend to be a long and productive collaboration, and we look forward to what we will build together,” Alkhoshaibi added.
Both intend to explore further collaboration across sectors, asset classes and geographies in the UAE (Reuters via TradingView).
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