The UAE's Mag group and Chinese conglomerate Citic have signed an initial agreement to develop a $6 billion luxury real estate project in Dubai, amid continued property and construction boom in the emirate.
Keturah Ardh will span 18.47 million square feet in Dubai's Al Rowaiyah First District, with completion timelines of the phased project between two and seven years, Mag Group Holding said in a statement on Wednesday.
The first phase, launched under the Keturah Ardh Couture Art brand, will start in the fourth quarter of 2025. The second phase is expected in the first quarter of next year, with subsequent phases being carried out into 2027.
"Keturah Ardh exemplifies what the future of living in Dubai should look like," said Moafaq Al Gaddah, founder and chairman of MAG Group Holding. "Our aim is to create a place where people feel deeply connected to their surroundings, with nature and community embedded into daily life."
The companies will develop a mixed-use residential project that includes plots, villas, residences, educational institutes and hotels, Mr Gaddah told The National. Infrastructure works will start immediately, followed by launch of the first phase. More contracts will be given in the following months, he said.
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The Palm Jumeirah saw the majority of deals in luxury and super luxury sales in Dubai in 2023. AFP -
At 450m, the Franck Muller Aeternitas tower will be one of the tallest in the city when complete in 2027. It will feature 649 one, two and three-bedroom apartments, plus duplexes, over 106 floors – all topped by a giant clock. Photo: London Gate -
Bayz 101 by Danube will have 1,346 apartments and is the developer's largest project to date in terms of both units and overall space. Photo: Danube Properties -
Sharjah property developer Arada has launched sales for its luxury project in Dubai, the Armani Beach Residences at Palm Jumeirah. Prices start at Dh21 million ($5.7m). Photo: Arada -
Designed by Japanese Pritzker-Prize-winning architect Tadao Ando, in collaboration with fashion icon Giorgio Armani, Armani Beach Residences features 53 two to five-bedroom residences, plus penthouses and two presidential suites. Photo: Arada -
One of the largest private penthouses in Dubai is on sale for Dh600 million. It comprises the three top-three levels and rooftop of Raffles The Palm Dubai Residences. Photo: Emerald Palace Group -
Dubai's AHS Properties has launched a $850 million project called Casa Canal, located at Dubai Water Canal. Photo: AHS Properties -
Casa Canal will have a mix of residences, including three-bedroom penthouses, four and five-bedroom villas and six-bedroom mansions. Units are priced between Dh22.5 million and Dh185 million and the project is set to be delivered in late 2025. Photo: AHS Properties -
Nakheel, the developer behind The Palm Jumeirah, launched the first waterfront villa project on the Palm Jebel Ali in 2023. Leslie Pableo / The National -
The launch of properties on four fronds of Palm Jebel Ali offer two types of homes – coral and beach villas, says Nakheel. Photo: Nakheel -
Dubai developer Sankari Properties is building a $1 billion ultra-luxury project in Marasi Business Bay. Units will start at $10 million. Photo: Sankari Properties -
Damac launched Cavalli Couture on Dubai Water Canal in 2022. The 14-storey building features 70 units, comprising three, four and five-bedroom duplex sky villas and duplex penthouses. Photo: Damac -
Jumeirah Bay Island is one of Dubai's prime residential neighbourhoods. Photo: Bulgari -
There were close to 50 sales of Jumeirah Bay Island properties in excess of $10 million in 2023. -
Also much sought-after is The Mansions, Lanai Islands, Tilal Al Ghaf, Dubai. Photo: Knight Frank -
A luxury villa in Dubai's Emirates Hills sold for Dh102.8 million in 2022. Photo: Phoenix Homes
Mag is the latest company to launch a mega development in the Dubai, the commercial, tourism and financial hub of the Middle East, amid sustained momentum in the emirate's luxury property market. Both the off-plan and secondary segments of Dubai's real estate market have performed well, a report this month by Cavendish Maxwell said.
In the first quarter of this year, nearly 590 transactions were recorded for properties priced at Dh20 million ($5.4 million) and above, highlighting robust demand from high-net-worth individuals (HNWIs) and cementing Dubai’s reputation as a global destination for luxury property, Cavendish Maxwell said.
"This demand is fuelled by favourable tax policies, long-term residency incentives and the city’s exceptional global connectivity, all of which continue to attract HNWIs and contribute to the luxury market’s sustained growth and resilience," the report said.
The influx of wealthy people to the Emirates is also helping create the boom.
Last year, 7,200 millionaires arrived in the UAE, building on an influx of 4,700 in 2023 and 5,200 in 2022, property consultancy Knight Frank said in a report.
The number of dollar millionaires in the UAE stood at 130,500 at the end of December, ranking the Emirates as the world's 14th-largest wealth market.
Strong demand has resulted in a shortage of luxury homes in Dubai, with the number of homes available for sale for $10 million or higher falling 40 per cent to only 2,491 last year. The number of homes available for $25 million or more also fell 85 per cent, to 86 properties in 2024, Knight Frank said.
Mag International Investment will be the master-developer of the luxury project, involving collaboration with leading architects, designers, fashion brands and artists from across the globe. Citic will undertake the procurement and construction of the development.
Mag, established in 1978, has a portfolio valued at $3 billion, ongoing sales worth $5 billion and developments estimated at $17 billion. The group’s portfolio includes real estate, contracting, engineering, industrial and commercial trading; freight services and hospitality.
With the Keturah Ardh project, Chinese state-owned Citic, which manages total assets exceeding $1.67 trillion, marks its first entry into Dubai's luxury property sector, a statement said.
"By leveraging Citic's wealth of expertise in advanced manufacturing, innovative materials, sustainable infrastructure and real estate, we want to shape a destination that welcomes all generations and sets new benchmarks for sustainability in the region," said Yang Jianqiang, chairman of Citic.
Plot sizes within the development will range from 50,000 square feet to 200,000 square feet and the site will feature more than 100,000 trees, Mag said.
