Aldar Properties has signed a Dh1.2 billion joint venture with Abu Dhabi-based Investment Holdings to develop the Al Khubeira town on Al Raha Beach, the developer said yesterday in a statement.
“While we look to develop our business ties on a regional and international level, it is also equally important to Aldar that we align ourselves with strong reputable establishments in our capital city,” the Abu Dhabi-based and listed developer’s Chairman Ahmed Ali Al Sayegh said.
The joint venture will begin operations this year, the statement said. “This pact with Aldar is very significant for Investment Holdings. We are proud to be a part of this highly anticipated development, one that is said to become one of the world’s greatest waterfront developments,” said Ahmed Mohamed Al Hameeri, Chairman of Investment Holdings.
Aldar CEO Ronald S Barrott said: “We aim to not only align ourselves with like-minded organisations, but also ensure that our choices reflect our goals for the development. Investment Holdings is a strong establishment and we have confidence in it for this joint venture company for the Al Khubeira precinct.”
Aldar signs investment pact