Dubai: The developer Deyaar - known for its gleaming towers in Dubai's Business Bay and the sprawling MidTown community - is extending its reach into Abu Dhabi. Through a tie up with the Abu Dhabi based Arady, Deyaar will launch a project at Al Reem Island, one of the most popular mixed-use destinations in the emirate and especially among a new resident base.
The nature of the planned project has not been revealed. But an MoU has been struck between the two to take on new ventures.
"We have been collaborating with different partners to ensure that every project we choose meets the expectations of valued customers and shareholders," said Saeed Mohammed Al Qatami, CEO of Deyaar. "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."
Through the MoU, the partners will outline the 'commercial objectives for the project', provide a framework for more negotiations between them, as well as 'explore how the project can be developed on a joint ownership basis'.
Fluid moves by developers
There has been a lot of inter-emirate action on the part of UAE's biggest developers. The obvious one is Aldar extending its considerable clout into Dubai and Ras Al Khaimah, while Emaar too has launched in Ras Al Khaimah. Another big name is Dubai Investments, which is building a Dh1 billion resort, also in Ras Al Khaimah.
Al Reem Island offers significant forward potential for Deyaar as its Dubai land bank reaches maturity. Apart from being an established residential destination, Al Reem Island will also gain further traction through the ADGM (Abu Dhabi Global Market) association.
The Abu Dhabi financial hub recently added Al Reem Island to its portfolio, which increases the combined geographic area of ADGM to nearly 1,438 hectares.
"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," said Khaled Al Fahim, Chairman of Arady Properties, in a statement.