Aldar, Abu Dhabi’s biggest listed developer, and Sharjah-based Arada have teamed up to build new housing projects on Yas Island and at Seih Sdeirah in Abu Dhabi, representing a combined value of about Dh15 billion ($4 billion).
The partnership involves a masterplan joint venture to create a large-scale mixed-use community at Seih Sdeirah on the Abu Dhabi-Dubai border and Arada’s acquisition of three residential plots on Yas Island.
The new developments will mark Arada’s entry into Abu Dhabi as it continues to expand in the UAE.
“The opportunities on Yas Island and at Seih Sdeirah establish a strong foundation for our collaboration with Arada, and we see significant potential to build on the partnership across sectors and geographies in the UAE,” said Talal Al Dhiyebi, group chief executive of Aldar.
At Seih Sdeirah, Aldar and Arada will build a mixed-use community covering up to 1.5 million square metres of land. It will feature villas and townhouses, as well as retail and recreational amenities. Arada will lead development and construction management, while Aldar and Arada will jointly lead branding and selling the community.
On Yas Island, Arada has acquired three plots, two that are canal-facing sites, with a combined plot area of more than 27,500 sq m.
