Aldar and Expo City Dubai have entered a partnership to develop a major mixed-use residential, office, and retail project to serve an increasingly dynamic economic ecosystem – close to Al Maktoum International Airport and the Dubai Exhibition Centre – and seamlessly connected to the city and beyond by a world-class network of major highways and dedicated metro station.
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 a reputation for successfully hosting major international events, notably the 2020 World Expo and last year’s COP28 global climate conference. The buildings are located beside Dubai Exhibition Centre, which is set for an AED10 billion expansion that will increase the exhibition space from 58,000 sqm to 180,000 sqm by 2031, making it the largest indoor exhibition and events destination in the region.
Aldar and Expo City Dubai have established a 50:50 joint venture to deliver and own the mixed-use development, which has a gross development value of more than AED 1.75 billion. The residential, office, and retail spaces will have a combined gross floor area of 103,000 sqm and Aldar will be responsible for the asset management of the development once completed.
The joint venture brings together partners with a shared vision for the creation of vibrant and sustainable communities. Aldar’s investment reflects its strategy to add significant scale and diversification to its income-generating portfolio alongside strategic partners, with a focus on prime locations within the UAE. Its holding in the Expo City development will add further weight to its presence in Dubai and will be a valuable addition to the company’s develop-to-hold portfolio.
The signing of the joint venture was witnessed by His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman and Chief Executive of Emirates Airline and Group; Chairman of Expo City Dubai Authority.
Her Excellency Reem Al Hashimy, UAE Minister of State for International Cooperation and CEO of Expo City Dubai Authority said: “We are proud to announce this groundbreaking joint venture – a reflection of our unwavering commitment to working with strategic partners to foster innovation and sustainable economic growth. The first of many collaboration opportunities, this development builds on Aldar’s expertise and track record of delivering world class real estate, honouring the legacy of Expo 2020 and advancing our mission of further transforming this strategic location in Dubai into a premier international business district.”
Talal Al Dhiyebi, Group Chief Executive Officer at Aldar, said: “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. The Expo City area is one of the region’s fastest developing zones, given the rapid development of infrastructure and its centrality to Dubai’s major trade and transportation hubs. Our partnership is formed on shared values and we see Expo City as a key partner in our ongoing expansion in Dubai.”
Expo City serves as a blueprint for sustainable urban living in Dubai and in line with the Net Zero commitments of both entities, the new development will follow sustainable design principles and ensure a smart built environment in keeping with Expo City’s new master plan. The master plan envisions a sustainable, smart, and people-centric city with a focus on green spaces, enhanced mobility, and balanced urban development.
Expo City Dubai is already home to like-minded enterprises, including leading smart service AI provider, Terminus Group; Siemens Industrial and Siemens Energy; and Emirates Group’s high-tech aviation innovation hub, Ebdaa. DP World have also announced that they will relocate their global head office to Expo City and there are further opportunities for businesses and investors to capitalise on a strategic location in the rapidly growing Dubai South area.
Aldar’s partnership with Expo City represents further expansion of the company’s footprint in Dubai, which encompasses logistics, commercial and residential mixed-use development. Among key investments, Aldar has established a joint venture with Dubai Holding to develop prime residential communities, is partnering with DP World to build a landmark logistics park, and recently announced the planned development of a Grade A office building adjacent to the Dubai International Finance Centre (DIFC).
