Aldar and Expo City Dubai to Develop Mixed-Use Project

Aldar and Expo City Dubai on Thursday announced that they have entered a partnership to develop a major mixed-use residential, office, and retail project to serve an increasingly dynamic economic ecosystem.

Aldar and Expo City Dubai have established a 50:50 joint venture (JV) to deliver and own the mixed-use development, which has a gross development value of more than $480 million. The residential, office, and retail spaces will have a combined gross floor area of 103,000 sq m and Aldar will be responsible for the asset management of the development once completed.

The new project is close to Al Maktoum International Airport and the Dubai Exhibition Centre, and seamlessly connected to the city and beyond by a world-class network of major highways and dedicated metro station.

The six-building development is a core element of a new master plan unveiled by Expo City Dubai to elevate the area as a prime business and lifestyle destination — building on a reputation for successfully hosting major international events, notably the 2020 World Expo and last year’s COP28 global climate conference.

The buildings are located beside Dubai Exhibition Centre, which is set for an $2.72 billion expansion that will increase the exhibition space from 58,000 sq m to 180,000 sq m by 2031, making it the largest indoor exhibition and events destination in the region.

The JV brings together partners with a shared vision for the creation of vibrant and sustainable communities. Aldar’s investment reflects its strategy to add significant scale and diversification to its income-generating portfolio alongside strategic partners, with a focus on prime locations within the UAE.

Its holding in the Expo City development will add further weight to its presence in Dubai and will be a valuable addition to the company’s develop-to-hold portfolio.

The signing of the JV was witnessed by H H Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman and Chief Executive of Emirates Airline and Group; Chairman of Expo City Dubai Authority.

Fostering Innovation

Reem Al Hashimy, the UAE Minister of State for International Cooperation and CEO of Expo City Dubai Authority said that this JV is a reflection of their unwavering commitment to working with strategic partners to foster innovation and sustainable economic growth.

“This is the first of many collaboration opportunities, and this development builds on Aldar’s expertise and track record of delivering world class real estate, honouring the legacy of Expo 2020 and advancing our mission of further transforming this strategic location in Dubai into a premier international business district,” the UAE Minister said.

Aldar Group CEO Talal Al Dhiyebi described the agreement as an important strategic partnership that will substantially contribute to the success of the newly launched Expo City Dubai master plan.

Sustainable Urban Living

Expo City serves as a blueprint for sustainable urban living in Dubai and in line with the Net Zero commitments of both entities, the new development will follow sustainable design principles and ensure a smart built environment in keeping with Expo City’s new master plan.

Expo City Dubai is already home to like-minded enterprises, including leading smart service AI provider, Terminus Group; Siemens Industrial and Siemens Energy; and Emirates Group’s high-tech aviation innovation hub, Ebdaa.

DP World have also announced that they will relocate their global head office to Expo City and there are further opportunities for businesses and investors to capitalise on a strategic location in the rapidly growing Dubai South area.

Aldar’s partnership with Expo City represents further expansion of the company’s footprint in Dubai, which encompasses logistics, commercial and residential mixed-use development.

Among key investments, Aldar has established a JV with Dubai Holding to develop prime residential communities, is partnering with DP World to build a landmark logistics park, and recently announced the planned development of a Grade A office building adjacent to the Dubai International Finance Centre (DIFC).