Abu Dhabi, UAE - Aldar and Arada have formed a strategic partnership covering development opportunities valued at approximately $4.1 billion (AED 15 billion) on Yas Island and at Seih Sdeirah in Abu Dhabi.
The initial agreements include a masterplan joint venture between the two developers for a large-scale mixed-use community at Seih Sdeirah, close to the Abu Dhabi-Dubai border, as well as Arada's acquisition of three residential development plots from Aldar on Yas Island.
The partnership marks Arada's first development presence in Abu Dhabi and brings together Aldar's landbank and development platform in the emirate with Arada's experience in delivering large-scale communities.
In the presence of HRH Prince Khaled bin Alwaleed bin Talal Al Saud, Executive Vice Chairman of Arada, and Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, the agreements were signed by Jonathan Emery, Chief Executive Officer of Aldar Development, and Ahmed Alkhoshaibi, Group Chief Executive Officer of Arada.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar said: "This partnership brings together two leading UAE developers with complementary capabilities and a shared ambition to create high-quality destinations. 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."
Ahmed Alkhoshaibi, Group Chief Executive Officer of Arada said: "This partnership with Aldar marks a significant moment in Arada's journey in the UAE. Aldar's scale, vision and established platform in Abu Dhabi create exactly the right foundation for the kind of communities we intend to build here, and the opportunities ahead of us, across both Abu Dhabi and elsewhere across the UAE, are considerable. This is the beginning of what we intend to be a long and productive collaboration, and we look forward to what we will build together."
At Seih Sdeirah, Aldar and Arada will co-develop a mixed-use community covering up to 1.5 million sqm of land.
The development is planned as a villa and townhouse community with retail and recreational amenities. Arada will lead development and construction management, while Aldar and Arada will jointly brand and sell the community.
On Yas Island, Arada has acquired three development plots from Aldar for new residential projects. The sites have a combined plot area of more than 27,500 sqm and total gross floor area of almost 130,000 sqm.
Two of the three plots are canal-facing. Arada plans to use the sites for residential development, marking its first projects in the Abu Dhabi market.
The Yas Island and Seih Sdeirah transactions form the first phase of the partnership. Aldar and Arada also intend to explore further collaboration across sectors, asset classes and locations in the UAE.
