Dubai: Abu Dhabi's Aldar has confirmed a mixed-use project for Dubai - and to be located in Expo City. The Dh1.75 billion developments comes just days after Dubai announced a new masterplan for Expo City, and adding to its attractions as a future full-scale mixed-use destination.
The project represents a joint venture with Expo City Dubai.
The project from Aldar will have six buildings and become a 'core element' of a new masterplan These will be located beside Dubai Exhibition Centre, which itself is set for a Dh10 billion expansion that will increase the exhibition space from 58,000 square meters to 180,000 square meters by 2031. This would create largest indoor exhibition and events destination in the region.
The Aldar announcement thus opens up Expo City to other developers, on par with how Dubai South is being developed. It solidifies Dubai South and Expo City as being the city's new corridors of growth.
The Aldar Expo City project will have a mix of residential, office, and retail spaces with a combined gross floor area of 103,000 square meters. It will be responsible for the asset management of the once complete.
Aldar already has two residential communities launched in Dubai, alongside deals for commercial and office real estate. Also, the Abu Dhabi developer confirmed it will be building a signature office project on Shaikh Zayed Road.
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," said Talal Al Dhiyebi, Group CEO. "Our partnership is formed on shared values and we see Expo City as a key partner in our ongoing expansion in Dubai.”
So far, Expo City project launches have come directly from the Dubai master-developer. In addition, the City hosts the legacy structures from the Expo 2020 event.
