Aldar Properties, Abu Dhabi’s biggest developer, is constructing a Dh1.8 billion ($490 million) sustainable city on Yas Island.
The project will be built in partnership with Dubai-based Diamond Developers, said Jonathan Emery, chief executive of Aldar Development.
“The project will have 864 units and is positioned to complement other products Aldar is developing there,” Mr Emery said.
Construction will start in the fourth quarter of this year and will be completed in 30 months.
It will be financed through a mix of debt and equity by both developers, said Salah Habib, chief executive of Diamond Developers.
“Aldar today has a 2050 sustainability criteria and this partnership adds a lot of value to the table and allows us also to grow in achieving UAE’s sustainability agenda,” Mr Habib said.
The UAE aims to become carbon neutral by 2050 and plans to spend more than $164bn on a number of clean and renewable energy projects that are in line with its goal to reduce emissions and protect the environment over the next three decades.
The launch of the project comes at a time when the UAE property market is recovering from a coronavirus-induced slowdown. The market has received a boost from new government initiatives such as long-term residence visas and other measures.
“We are anticipating that market will stay strong as 2021 and it will depend on us getting the product right … we are staying close to the market and listening as we did last year,” Mr Emery said.
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Abu Dhabi Sustainability Week - in pictures
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The National display at World Future Energy Summit at ADNEC. All photos by Victor Besa / The National -
The National display at World Future Energy Summit at ADNEC. -
The Opti Robot, official mascot of Expo 2020 Dbai visits the Future Energy Summit in ADNEC. -
The PVH stall at the World Future Energy Summit in ADNEC -
The Sungrow display at World Future Energy Summit in ADNEC. -
The Hawido water valves display at World Future Energy Summit at ADNEC. -
The BP display at World Future Energy Summit at ADNEC. -
The NEOM stall at the World Future Energy Summit at ADNEC -
The National display at World Future Energy Summit at ADNEC. -
Roll-Royce SMR display at World Future Energy Summit at ADNEC -
Adnoc stall at the Future Energy Summit in ADNEC. -
The Japan Pavilion at the World Future Energy Summit in ADNEC -
The Masdar stall at the World Future Energy Summit at ADNEC -
The Taqa stand at Abu Dhabi Sustainability Week, held at Adnec. All photos: Victor Besa / The National -
The International Renewable Energy Agency stall -
Visitors at display by Taqa, the Abu Dhabi National Energy Company -
Taqa is Arabic for ‘energy’ -
The stand of Terberg, a Dutch manufacturer of specialist vehicles -
Jeremy James operates the Terberg RosRoca, which is used in waste management and recycling -
The stall of the Spanish infrastructure company Acciona -
The event is held in tandem with the World Future Energy Summit -
Zarco Bogovac, left, and his team at Serbia’s Plastik Gogic hold miniatures of their colourful bins -
The Aldar Environmental Cafe -
The Sustainable City Yas Island stall -
The Sustainable City Yas Island stall -
Abu Dhabi Sustainability Week -
Safety measures are in place at the event
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“We have got a range of products to bring to the market this year and we are anticipating we can meet the demand. We are anticipating a strong year as last year.”
Abu Dhabi registered property transactions valued at $4.4bn during the third quarter of 2021, according to the Department of Municipalities and Transport.
The emirate completed 3,932 property transactions, which included $3.1bn in mortgages and $1.25bn in cash sales. About 2,224 mortgage transactions and 1,708 sales transactions were concluded during the period, the department said.
The new project will have elements related to sustainability, including provisions for vertical farming, a reduction in water consumption, sustainable mobility and waste management.
Aldar, which has developed a number of projects in Abu Dhabi such as Ferrari World and Yas Mall, reported an 11 per cent jump in its third-quarter profit on the back of record quarterly development sales.
It unveiled several new projects recently, including Yas Acres Magnolias and Al Gurm Phase II.
Earlier this month, Alpha Dhabi Holding, a subsidiary of Abu Dhabi-listed conglomerate International Holding Company, bought an additional 17 per cent stake in Aldar Properties to increase its stake to 29.8 per cent.
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Property of the week: Dh37m Burj Khalifa-view penthouse with a garden in the sky
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The BLVD Crescent penthouse is on the market for Dh37 million. All photos: Knight Frank -
Floor-to-ceiling windows and the double-height ceiling in the living room ensure the apartment is bathed in light. -
A bar and formal dining area adjacent to the living room. -
The penthouse has its own private entertainment room with a projector and large screen. -
The apartment is spread across 9,810 square feet and two floors. -
The penthouse is being sold furnished with pieces from luxury brands such as Roche Bobois, Minotti, Fendi, Versace and Villeroy & Boch. -
One of five generously sized bedrooms. -
A built-in beverage cooler in the well-lit hallway. -
A luxurious en suite bathroom. -
An informal open-plan dining area. -
The luxury home is spread over two floors and comes with a home cinema, spa and cryotherapy room. -
The property is being sold fully furnished and comes with a sky garden.
