Aldar and Expo City Dubai have recently partnered to develop a major AED1.75 billion ($480 million) mixed-use residential, office and retail project near Al Maktoum International Airport and the Dubai Exhibition Center.
The six-building development is a core element of a new master plan that Expo City Dubai unveiled to elevate the area as a prime business and lifestyle destination, building on its reputation for successfully hosting major international events including the 2020 World Expo and last year’s COP28 global climate conference.
The buildings are located beside the Dubai Exhibition Center, which is set for an AED10 billion expansion that will increase the exhibition space from 58,000 sqm to 180,000 sqm by 2031, making it the largest indoor exhibition and events destination in the region.
“The Expo City area is one of the region’s fastest developing zones, given the rapid development of infrastructure and its centrality to Dubai’s major trade and transportation hubs,” stated Talal Al Dhiyebi, group CEO at Aldar.
Aldar and Expo City Dubai establish JV
Aldar and Expo City Dubai have established a 50-50 joint venture to deliver and own the development. The residential, office, and retail spaces will have a total floor area of 103,000 sqm and Aldar will be responsible for the asset management of the development once complete.
The joint venture brings together partners with a mutual 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 first of many collaboration opportunities, this development builds on Aldar’s expertise and track record of delivering world-class real estate, honoring the legacy of Expo 2020 and advancing our mission of further transforming this strategic location in Dubai into a premier international business district,” stated Reem Al Hashimy, UAE Minister of State for International Cooperation and CEO of Expo City Dubai Authority.
Spearheading sustainable urban living in Dubai
Expo City serves as a blueprint for sustainable urban living in Dubai. Moreover, it contributes to the net-zero commitments of both entities.
The new development will follow sustainable design principles and ensure a smart built environment in line with Expo City’s new master plan. The master plan envisions a sustainable, smart, and people-centric city with a focus on green spaces, enhanced mobility, and balanced urban development.
Expo City Dubai is already home to leading enterprises including Terminus Group, Siemens Industrial, Siemens Energy, and Emirates Group’s high-tech aviation innovation hub, Ebdaa.
DP World has also announced that they will relocate their global head office to Expo City and there are further opportunities for businesses and investors to capitalize on a strategic location in the rapidly growing Dubai South area.
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