Aldar and Arada have signed a strategic partnership worth approximately AED 15 billion covering development opportunities on Yas Island and at Seih Sdeirah, marking Sharjah-based Arada's first entry into the Abu Dhabi market.
The initial agreements include a masterplan joint venture to build a mixed-use villa and townhouse community across up to 1.5 million sqm at Seih Sdeirah on the Abu Dhabi-Dubai border, with Arada leading development and construction management and both firms jointly branding and selling the project.
Arada has also acquired three residential plots from Aldar on Yas Island, including two canal-facing sites, with a combined plot area of more than 27,500 sqm and nearly 130,000 sqm of gross floor area earmarked for premium housing. The agreements were signed by Aldar Development CEO Jonathan Emery and Arada Group CEO Ahmed Alkhoshaibi. Both developers described the deals as a first phase, with further collaboration planned across sectors, asset classes and locations in the UAE.
Gulf Economist Staff Writer