Aldar Announces JV For $476mln Development In Expo City Dubai

Abu Dhabi developer Aldar has announced an AED 1.75 billion ($476 million) joint venture with Expo City Dubai as part of Expo City’s recently announced development masterplan.

The six-building project next to Dubai Exhibition Centre will be developed by the 50:50 JV and will include residential, office and retail space, a bourse filing said.

Abu Dhabi Securities Exchange (ADX)-listed Aldar will be responsible for the asset management of the completed development.

Last year, Aldar announced a JV with Dubai Holding to develop residential communities and has also announced developing a logistics park with Dubai ports and logistics company DP World, as well as an office project in Dubai International Finance Centre (DIFC).