Aldar discloses USD490M ecological city venture in UAE’s cap...| MENAFN.COM

Tuesday, 17 May 2022 09:47 GMT

Aldar discloses USD490M ecological city venture in UAE’s capital


(MENAFN) Abu Dhabi’s largest developer Aldar Properties is building a USD490 million maintainability city on Yas Island.

Jonathan Emery, chief executive of Aldar Development, reported that the scheme will be constructed in cooperation with Diamond Developers which is located in Dubai.

Mr Emery noted, “The project will have 864 units and is positioned to complement other products Aldar is developing there.” The building of the project is set to start in Q4 of 2022 and will be finalized in 30 months.

Salah Habib, chief executive of Diamond Developers, said it will be financially backed through a mixture of debt and equity by the two developers.

Mr Habib stated, “Aldar today has a 2050 sustainability criteria and this partnership adds a lot of value to the table and allows us also to grow in achieving UAE’s sustainability agenda.”

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