Abu Dhabi’s Aldar Plans $480 Million Project in Dubai Near Expo - Bloomberg
Abu Dhabi’s largest property developer is planning a 1.8 billion dirham ($480 million) project that will include homes, offices and retail locations in neighboring Dubai as it aims to capitalize on rising demand in the Middle East’s tourism and business hub.
Aldar Properties PJSC has partnered with Expo City Dubai to build a community near Dubai’s new airport Dubai World Central, the company said in a statement on Thursday. The six-building project will be constructed on 103,000 square meters (1.1 million square feet) of land near the site where Dubai hosted the COP28 global climate summit and the Expo 2020 in Dubai. Aldar will also manage the facilities after the project’s completion.
Soaring demand for property in Dubai has lured developers into the emirate where home values have surged for 16 straight quarters, pushing up rents and causing many residents to move to more affordable locations, sometimes in other emirates.
Dubai’s property recovery, after seven years of declines, was initially triggered by an influx of Russians moving their wealth after their country’s invasion of Ukraine. Since then, the recovery has been sustained by white-collar workers flocking from Asia and Europe, lured by a low-tax regime as well as the city’s favorable time zone and the possibility of long-term visas.
Last year, Abu Dhabi generated $844 million from the sale of 786 homes in Dubai, which were snapped up by buyers within hours. Since then, the developer has announced several more developments in Dubai.
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