Abu Dhabi:Aldar and Arada have announced a significant strategic partnership to develop major projects on Yas Island and at Seih Sdeirah in Abu Dhabi, with a combined value of approximately AED15 billion.

According to Wam, the partnership includes a joint venture to develop a large-scale mixed-use community at Seih Sdeirah on the Abu Dhabi-Dubai border and Arada's acquisition of three residential development plots on Yas Island. This marks Arada's first development project in Abu Dhabi, combining Aldar's extensive land resources and established development platform with Arada's expertise in creating large-scale communities.

The agreements were signed by Jonathan Emery, CEO of Aldar Development, and Ahmed Alkhoshaibi, Group CEO of Arada, in the presence of Prince Khaled bin Alwaleed bin Talal Al Saud, Executive Vice Chairman of Arada, and Talal Al Dhiyebi, Group CEO of Aldar. Talal Al Dhiyebi emphasized the partnership's potential to create high-quality destinations, noting the significant opportunities for collaboration across the UAE.

Ahmed Alkhoshaibi highlighted the foundation Aldar provides for Arada's ambitious community projects, expressing optimism for a long-term collaboration. At Seih Sdeirah, the development will cover up to 1.5 million sqm and will feature villas, townhouses, retail, and recreational amenities. Arada will lead development and construction, while both companies will manage branding and sales.

On Yas Island, Arada's acquisition includes three development plots totaling over 27,500 sqm, with a gross floor area of almost 130,000 sqm. These projects will expand Yas Island's residential offerings and mark Arada's entry into the Abu Dhabi market. The partnership's first phase focuses on these projects, with plans to explore further collaboration across various sectors and locations in the UAE.