The 50:50 joint venture will develop the six-building project next to the Dubai Exhibition Centre, which will include residential, office, and retail space
Abu Dhabi property developer Aldar Properties has teamed up with Expo City Dubai to develop a $475m (Dhs1.75bn) mixed-use project to serve an increasingly dynamic economic ecosystem – close to Al Maktoum International Airport and the Dubai Exhibition Centre (DEC).
The 50:50 joint venture will develop the six-building project next to the Dubai Exhibition Centre, which will include residential, office, and retail space.
The six-building development is a core element of a new master plan unveiled by Expo City Dubai to elevate the area as a prime business and lifestyle destination – building on the success of the 2020 World Expo and COP28.
The combined gross floor area of the residential, office, and retail spaces will be 103,000 square meters. Aldar Properties will manage the development after its completion.
“This is an important strategic partnership that will substantially contribute to the success of the newly launched Expo City Dubai master plan. We are creating the platform for people and businesses to thrive, providing high-quality residential, commercial and retail spaces to complement the world-class conference and exhibition venues,” said Talal Al Dhiyebi, group CEO at Aldar Properties.
Aldar is expanding its presence in Dubai through partnerships in logistics, commercial, and residential mixed-use development. The firm’s investments include a joint venture with Dubai Holding for residential communities, a partnership with DP World for a logistics park, and a planned Grade A office building near the Dubai International Finance Centre.
Last week, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved a new master plan for Expo City Dubai that will position the city as a key driver of the emirate’s future development.
Expo City Dubai, a sprawling 3.5 square kilometre development, is set to become a global hub for businesses, investors, homeowners, and visitors.
Meanwhile, the Dhs10bn expansion of the DEC will increase its exhibition space from 58,000 sqm to 180,000 sqm by the end of the decade, making it the largest indoor exhibition and events destination in the region.
The expansion, which is part of the Dubai 2040 Urban Master Plan, is integral to Expo City Dubai’s vision of becoming a dynamic economic hub driven by global exhibitions and events.
Upon completion, the next destination will be 1.5 times larger than the existing Dubai International Convention and Exhibition Centre, positioning it as the premier venue for mega exhibitions in the region. The expansion is expected to double the number of large-scale events hosted annually, increasing from 300 to more than 600 by 2033.
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