Aldar Properties, the leading Abu Dhabi real estate developer, investor, and manager, and Dubai Holding, a diversified global investment company with an extensive portfolio of AED 130 billion worth of assets, have signed a binding joint venture agreement to develop new living experiences across Dubai.

The strategic agreement marks Aldar’s entry into Dubai’s real estate market, as part of the company’s broader expansion into new markets. A press release on Dubai Holding’s website said, “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.”

According to the press release the two 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 added the press release.

Commenting on the joint venture, Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties, said, “Through the execution of our transformational growth agenda, we continue to generate expansion opportunities, which are driving new revenue streams and creating greater shareholder value. Our entry to Dubai is a milestone moment for Aldar, and we are excited about our long-term growth potential in the emirate alongside Dubai Holding, a prominent and strategic partner.

Amit Kaushal, Group Chief Executive Officer, Dubai Holding, said: “With the favourable economic environment in Dubai and the upward trend in its real estate sector, we are well positioned to attract international investors through such strategic partnerships that bring new and exciting offerings to the market. The JV with Aldar demonstrates Dubai Holding’s unparalleled track record of being the strategic ‘partner of choice’ for strong regional and institutional investors. In line with our vision to operate For the Good of Tomorrow, we will continue to unlock opportunities that position Dubai as a leading destination for investments from across the globe,” Kaushal added.