Aldar enters Dh1.2b deal for Al Raha venture

Abu Dhabi: Real estate developer Aldar Properties said yesterday it has entered a Dh1.2 billion joint venture with Investment Holdings, a local company, to develop the Al Khubeira precinct at its Dh55 billion Al Raha Beach development.

"The joint venture will develop an area of approximately 50,000 square metres.

"The Al Khubeira development will comprise residential towers and waterfront villas targeting both expatriates and nationals," a senior Aldar executive told Gulf News.

Aldar's Al Raha Beach development is a beachfront project under development in Abu Dhabi, along the Abu Dhabi-Dubai highway.

The project is being developed on reclaimed land at Al Raha Beach complex occupying an area of 6.8 million square metres with a total built-up area of 12 million square metres. The project is due for completion in phases between 2009 and 2017.

Shares of Aldar, one of the largest companies by market capitalisation, fell marginally to close at Dh11 per share yesterday on a declining Abu Dhabi Securities Market.

"While we look to develop our business relationships on a regional and international level, it is also equally important for Aldar that we align ourselves with strong reputable establishments in our capital city," said Ahmad Ali Al Sayegh, chairman of Aldar.

Set for completion in the first quarter of 2011, Al Khubeira will have a world-class interior design including stone, ceramic and timber finishes to provide a natural setting for residents.

Al Khubeira will be a gated community with a state-of-the-art video entry system, a 24-hour concierge service and CCTV security.

Al Raha Beach development will be a new city district that will serve as a new gateway to Abu Dhabi city and accommodate 120,000 people.