en.Wedoany.com Reported - UAE real estate developer Aldar Properties has entered into a cooperation agreement with the Abu Dhabi Department of Municipalities and Transport (DMT) to carry out residential developments at two locations in the UAE: Mohammed Bin Zayed City (MBZ City) and Baniyas, constructing 9,000 value housing rental units. The total value of this residential development project is AED 2.8 billion (approximately USD 762 million).
This residential development initiative is part of the DMT-led value housing program. According to the agreement, Aldar will be responsible for all stages of the two residential development projects, including community development, leasing, and ongoing management, while DMT will provide long-term land lease rights for the residential development projects. The two new communities are scheduled for completion in 2029.
The first residential development project is located in Baniyas, adjacent to the Abu Dhabi-Al Ain (E22) highway, and will include over 30 residential buildings, accompanied by retail shops, recreational facilities, and public green spaces. The second residential development project is located in MBZ City and will offer a mix of single-occupancy units and multi-tenant apartments, equipped with on-site amenities and local retail services. Both communities are designed to integrate convenient transport connections, including links to the main road network and public transport options.
DMT's Director General of Financial Affairs, Nasser Saleh Farah, witnessed the signing ceremony. Ahmed Fadhel Almehairbi, Director General of Abu Dhabi Municipality, and Jassem Saleh Busaibe, CEO of Aldar Investment, signed the agreement on behalf of their respective organizations. Ahmed Fadhel Almehairbi stated: "Our partnership with Aldar highlights our shared commitment to advancing the goals of the value housing program by providing high-quality, affordable housing that meets the needs of families and individuals and enriches community life."
Jassem Saleh Busaibe stated: "Our collaboration with DMT will ensure the delivery of thousands of high-quality rental homes to the market. These communities are well-connected and amenity-rich, ensuring residents enjoy a fully affordable lifestyle."
This residential development agreement increases Aldar's total development holding project pipeline in the UAE to AED 20.1 billion, covering residential, commercial, hospitality, and logistics assets.
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