Aldar, Dubai Holding expand JV with Dhs38b in new developments

Aldar and Dubai Holding have expanded their landmark joint venture, adding two strategic land plots in Dubai that will deliver almost 14,000 new homes with a combined gross development value (GDV) exceeding Dhs38 billion. The expanded partnership, which was inaugurated in 2023, marks a significant milestone in Aldar’s continued growth in Dubai, following the successful launches of its first communities in the emirate, including Haven, Athlon and The Wilds. It also further advances Dubai Holding’s strategy to unlock value from its strategic land bank and deliver world-class communities across the emirate.

The first plot, located along Dubai’s eastern growth corridor opposite Nad Al Sheba, will be an active, family-oriented community featuring apartments, townhouses, and villas. With approximately 4 million sqm of land, the project is targeted for launch in 2026. The second plot, located on Palm Jebel Ali, will serve as an ultra-luxury waterfront development featuring branded and non-branded residences. Covering almost 250,000 sqm of gross floor area (GFA), the project will offer a premier lifestyle experience with direct beach access, and homes will launch for sale in 2027. Forming a key component of the Dubai 2040 Urban Master Plan, Palm Jebel Ali, boasting over 90 km of beachfront, will set a new global benchmark in waterfront living and anchor a major new growth corridor in the Jebel Ali area.

Similar to the previous agreement, Aldar will be responsible for the full development cycle of both projects, including concept design, sales, delivery, and management of the developments.

Talal Al Dhiyebi, Group Chief Executive Officer at Aldar, said: “Our extended partnership with Dubai Holding represents the next chapter of Aldar’s strategic expansion in Dubai, ensuring a sustainable pipeline of developments to support long-term growth. Through this partnership, we are strengthening our footprint in one of the world’s most dynamic real estate markets while offering a wider choice of lifestyle communities that reflect the evolving aspirations of residents and investors alike.”

Amit Kaushal, Group Chief Executive Officer at Dubai Holding, added: “This expanded partnership with Aldar reflects our long-term commitment to supporting the Dubai 2040 Urban Master Plan and the D33 Agenda through the development of well-planned, future-ready communities across the emirate. As a strategic land owner, we are unlocking the value of our land bank by working with leading partners to deliver high-quality destinations that meet the evolving needs of residents, businesses and investors. The scale and momentum of this collaboration also underscore the strong demand and confidence in the real estate market in Dubai, and our shared belief in its continued growth as a global hub for living, investment and opportunity.”

The announcement brings Aldar’s total Dubai development pipeline to over 2.3 million sqm of new GFA and builds on the success of the initial phase of the joint venture, which saw exceptional demand and strong investor confidence, highlighted by rapid sell-out launches and significant interest from first-time Aldar customers. The continued collaboration underscores both companies’ commitment to supporting Dubai’s 2040 Urban Master Plan, enhancing the emirate’s diversified real estate landscape and driving sustainable growth through a balanced portfolio of lifestyle and investment-led developments that prioritise wellness, sustainability, and integrated community living.

The expansion forms part of Aldar’s broader strategy to diversify revenue streams, enhance scale and consolidate its market position across the UAE. Since the inception of the Aldar–Dubai Holding partnership in late 2023, the joint venture has seen robust sales performance and strong investor demand, with sales totaling AED21.5 billion to date. Dubai continues to represent a significant target market for Aldar and serves as a key growth engine in Aldar’s long-term diversification and growth plans.

Separately, Aldar announced recently the addition of several strategic land plots across Abu Dhabi, with a combined gross development value of around Dhs23 billion, further strengthening its landbank and providing a pipeline for sustained long-term growth across the capital’s key development corridors.

The sites span over 2.3 million sqm and will deliver approximately 3,000 new homes across plots on Saadiyat Island, Yas Island, and adjacent to Yas Island.

Collectively, the sites provide the flexibility to deliver a diverse range of residential products, supporting long-term population growth and residential demand in the capital.

The developments will be launched and brought to market in a phased approach aligned with market demand, with the first project launches expected from 2026 onwards. This disciplined phasing is designed to support resilient absorption rates, enhance visibility on medium- to long-term revenue and earnings growth, and ensure flexibility across market cycles.

WAM