UAE retail space to increase as Aldar and Dubai Holding announce partnership


Dubai Holding and Aldar Properties have announced a partnership to develop property in various locations in Dubai, which will be spread across 38.2 million square feet of land and include space for retail shops.

The developments will launch in 2023 through a phased approach and will feature 9,000 units of retail space, villas, townhouses, and apartments.

The agreement marks Aldar’s entry into Dubai’s real estate market, as part of the company’s broader expansion into new markets. The move follows Aldar’s recent acquisitions of Al Fahid Island in Abu Dhabi and a new waterfront development in Ras Al Khaimah.

The joint venture will develop new communities in three locations across an area of 38.2 million square feet. The new communities will be located in the suburban heart of Dubai – along the E311 and E611 corridors in close proximity to several notable residential communities – and represent some of the last remaining vacant and undeveloped plots of land in this established and popular corridor.

With support from Dubai Holding, Aldar will be responsible for the full development cycle, including concept design, sales, delivery, and management of these developments.

Commenting on the joint venture, Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties, said: “Through the execution of our transformational growth agenda, we continue to generate expansion opportunities, which are driving new revenue streams and creating greater shareholder value. Our entry to Dubai is a milestone moment for Aldar, and we are excited about our long-term growth potential in the emirate alongside Dubai Holding, a prominent and strategic partner.

“We will also continue to explore further expansion and investment opportunities in Dubai, reflecting our belief in the market’s maturing real estate fundamentals and our confidence in its status as a growing and lucrative market, where long-term demand from end-users and investors is well supported by a diversified economy, proactive government policy, and population growth” he added.