Aldar Properties has announced plans for a new mixed-use development in Dubai’s Expo City, valued at AED 1.75 billion. This move comes on the heels of Dubai’s recent unveiling of a new masterplan for the Expo City area, which aims to establish it as a comprehensive destination combining various elements of urban living.
The project is part of a collaboration between Aldar Properties and Expo City Dubai. Once completed, it will feature six buildings located near the Dubai Exhibition Centre, which is undergoing a significant AED 10 billion expansion. The extension is expected to increase the exhibition space from 58,000 square metres to 180,000 square metres by 2031, positioning it as the largest indoor exhibition and events venue in the region.
Aldar’s involvement highlights the growing appeal of Expo City for developers, akin to the ongoing development of Dubai South. This project underscores the emergence of these areas as key growth corridors for the city.
The new development will include residential, office, and retail spaces, spanning a combined gross floor area of 103,000 square metres. Aldar will also oversee the management of the assets once they are completed. This venture adds to Aldar’s expanding footprint in Dubai, where it already has two residential communities and commercial real estate projects in the pipeline. The company has also announced plans for a notable office building along Shaikh Zayed Road.
According to Talal Al Dhiyebi, Group CEO, Expo City’s rapid infrastructure development and strategic location make it a prime area for future growth. He emphasised the alignment of values between Aldar and Expo City in their shared vision for Dubai’s expansion. Expo City is currently home to several iconic structures from the Expo 2020 event and has, until now, seen projects launched primarily by the Dubai master developer.
Original article reference: Gulf News.
