Deyaar, the renowned developer recognized for its expansive MidTown neighborhood and iconic towers in Dubai’s Business Bay, is set to make a significant move into Abu Dhabi through a strategic joint venture with Arady Properties. The partnership will mark Deyaar’s foray into Al Reem Island, a highly sought-after mixed-use location in the emirate, particularly appealing to a growing population.

While specific details about the upcoming project remain undisclosed, the collaboration between Deyaar and Arady signifies a commitment to embark on innovative ventures. Saeed Mohammed Al Qatami, CEO of Deyaar, emphasized the careful selection of strategic locations and partners to meet the expectations of customers and shareholders.

“We have been collaborating with different partners to ensure that every project we choose meets the expectations of valued customers and shareholders,” stated Al Qatami. “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 Memorandum of Understanding (MoU) between the two entities outlines the joint ownership basis of the project and provides a framework for future negotiations, clearly defining their commercial objectives.

The move mirrors a trend among UAE’s major developers engaging in inter-emirate activities. Emaar’s expansion into Ras Al Khaimah and Aldar’s significant influence in both Dubai and Ras Al Khaimah are notable examples. Similarly, Dubai Investments is constructing a Dh1 billion resort in Ras Al Khaimah.

As Deyaar’s Dubai land bank matures, Al Reem Island emerges as a promising frontier. The recent inclusion of Al Reem Island in the Abu Dhabi Global Market (ADGM) portfolio further enhances its potential. With an ADGM association, Al Reem Island is poised for substantial growth, making it an attractive prospect for residential development.

Khaled Al Fahim, Chairman of Arady Properties, expressed confidence in the Memorandum of Understanding, stating, “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.”

This strategic collaboration signifies a pivotal moment for Deyaar’s expansion strategy, tapping into Abu Dhabi’s thriving real estate market and contributing to the emirate’s ongoing development. Stay tuned for further updates on this exciting venture.