Aldar unveils $2.18bn Yas Island project in partnership with Abu Dhabi Housing Authority

Residential development is expected to be completed by 2026

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, launched the Balghaiylam project. Photo: Abu Dhabi Media Office

Aldar Properties, Abu Dhabi’s biggest property developer, is developing a Dh8 billion ($2.18 billion) residential community north-east of Yas Island to boost the stock of integrated and sustainable residential communities in the UAE capital.

Being developed in partnership with the Abu Dhabi Housing Authority (ADHA), Balghaiylam, as the project is known, will further enhance the well-being of citizens and reflect the economic and cultural growth taking place in Abu Dhabi, Aldar said on Tuesday in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, inaugurated the project, which is expected to be completed by 2026, the developer said.

When completed, the development will offer 1,743 high-quality ready-built homes and access to a range of facilities in the community.

The project is in line with the government’s plan to leverage public-private partnerships and provide Emiratis with suitable housing within property projects by approved developers. Citizens who have been pre-approved by ADHA can use their loan to buy three to six-bedroom villas with a variety of architectural designs and interior layouts, according to their needs and finances, Aldar said.

ADHA will provide the developer with a list of eligible citizens to review the available villas, and then complete the purchase process, it added.

“Providing citizens with a good quality of life and meeting their housing needs is a top priority for Abu Dhabi’s leadership,” said Mohammed Al Shorafa, chairman of the Department of Municipalities and Transport and chairman of ADHA.

“To ensure more housing benefits and options that meet Emirati families’ needs and aspirations, Abu Dhabi Housing Authority is launching new housing projects in partnership with the private sector.”

ADHA’s tie-up with Aldar is aimed at increasing home ownership among Emiratis and “reduce delays in obtaining adequate housing”, he added.

In June, more than 1,800 Emiratis were granted housing loans worth a total of Dh3.1 billion by the Abu Dhabi government.

The second housing package of 2023, which coincided with Eid Al Adha celebrations, gives loans to 1,807 citizens.

Sheikh Khaled ordered the payment of the loans under the directives of President Sheikh Mohamed.

Sheikh Khaled reviewed the design features of the Balghaiylam project, which includes schools, mosques, retail and food and beverage outlets, sports centres, community gardens, playgrounds and parks, as well as an equestrian centre, providing citizens with access to amenities in the integrated community.

The Crown Prince was accompanied by Mohamed Al Mubarak, chairman of the Department of Culture and Tourism and chairman of Aldar Properties; Saif Ghobash, secretary general of Abu Dhabi Executive Council; Hamad Al Muhairi, director general of ADHA and Talal Al Dhiyebi, group chief executive of Aldar.

“As a strategic partner of the Abu Dhabi government, we are committed to leveraging our extensive expertise and industry knowledge to build sustainable and integrated communities where UAE nationals want to live," Mr Al Mubarak said.

"Our aim is to contribute to the success of this ambitious plan by meeting the needs of citizens, providing stability for their families, and ultimately fostering happy and healthy communities.”

Aldar is at the heart of Abu Dhabi’s efforts to develop the emirate’s property sector and central to the governments efforts to boost home ownership among Emiratis.

The developer behind several iconic projects in the emirate is also a central plank to Abu Dhabi's efforts to diversify its economy away from hydrocarbons.

Aldar has launched several projects and has teamed up with investors including Mubadala Investment Company, Abu Dhabi’s sovereign investment arm, to acquire and develop projects to meet the rising demand of properties in the emirate across assets classes.

The developer plans to launch a dozen new projects this year amid the property market recovery and will continue to look for acquisitions to boost its portfolio, Jonathan Emery, chief executive of Aldar Development, told The National in an interview in January.

Major developments announced by Aldar in the past year include Yas Gate, Saadiyat Lagoons, the Grove District on Saadiyat Island and Louvre Abu Dhabi Residences.