The developer Deyaar, well-known for the expansive MidTown neighborhood and its gleaming towers in Dubai’s Business Bay, is expanding into Abu Dhabi. Deyaar will begin work on a project at Al Reem Island, one of the most well-liked mixed-use locations in the emirate, particularly with a growing population, through a partnership with Arady, based in Abu Dhabi.
The intended project’s nature has not been made public. However, the two have an agreement in place to embark on new projects.
“We have been collaborating with different partners to ensure that every project we choose meets the expectations of valued customers and shareholders,” said Saeed Mohammed Al Qatami, CEO of Deyaar. “A crucial step in this plan involves carefully selecting strategic locations and partners for our upcoming projects, and this agreement aligns perfectly with those objectives.”
The partners will “examine how the project can be developed on a joint ownership basis,” as well as provide a framework for future negotiations, by outlining their “commercial objectives for the project” in the MoU.
Fluid moves by developers
The largest developers in the UAE have engaged in a great deal of inter-emirate activity. The most notable is that Emaar has also launched in Ras Al Khaimah, and Aldar has expanded its significant influence into both Dubai and Ras Al Khaimah. Another well-known company is Dubai Investments, which is constructing a resort in Ras Al Khaimah for Dh1 billion.
As Deyaar’s Dubai land bank matures, Al Reem Island presents significant forward potential. Al Reem Island is already a well-known residential area, but the ADGM (Abu Dhabi Global Market) association will help it grow even more.
Al Reem Island was recently added to the portfolio of the Abu Dhabi financial hub, bringing the total geographic area of ADGM to almost 1,438 hectares.
“I am confident that this MoU will give us positive directions where we can combine our expertise to significantly contribute to the growth and development of Abu Dhabi’s real estate scene, providing distinctive and compelling residential options for both local and foreign customers,” said Khaled Al Fahim, Chairman of Arady Properties, in a statement.