Deyaar enters Abu Dhabi realty with Arady Properties
Staff Report,
Dubai, UAE
Deyaar Development PJSC, one of Dubai’s leading real estate developers and service providers, and Arady Properties, an Abu Dhabi-based real estate company, have signed a Memorandum of Understanding (MoU) to establish a joint residential development at Al Reem Island in Abu Dhabi. The project is the latest addition to the growing count of properties that are being developed in the capital.
With this, Dubai-based Deyaar Development is venturing into the Abu Dhabi real estate market.
The collaboration will significantly promote Abu Dhabi’s position as a prominent property hub in the GCC real estate market. The MoU will outline the commercial objectives for the project and provide a framework for further negotiations between both companies. It will also explore the development of the project on a joint ownership basis.
The agreement was signed by Saeed Al Qatami, CEO of Deyaar, and Khalifa Alzaabi, Managing Director of Arady Properties.
Saeed Mohammed Al Qatami, CEO of Deyaar, said, “We are delighted to forge this important partnership with Arady Properties as we continue to expand our portfolio of projects in the region to serve clientele beyond Dubai. As part of these efforts, we have been collaborating with different partners to ensure that every project we choose meets the expectations of our valued customers and shareholders. A crucial step in this plan involves carefully selecting strategic locations and partners for our upcoming projects, and this agreement aligns perfectly with those objectives.”
Following the MoU, both companies aim to enter into a mutually acceptable joint venture shareholders’ agreement to pursue the project’s development, financing, construction, and sales.
Khaled Al Fahim, Chairman of Arady Properties, said, “We are excited to embark on this collaboration with Deyaar, a prominent name in the real-estate sector. Our aim is to develop a residential project in Abu Dhabi that establishes new benchmarks for quality, innovation, and customer-centricity, which Deyaar is known for. I am confident that this MoU will give us positive directions where we can combine our expertise to significantly contribute to the growth and development of Abu Dhabi’s real estate scene, providing distinctive and compelling residential options for both local and foreign customers.”
The collaboration with Arady Properties is Deyaar’s latest partnership to expand its footprint in the UAE and beyond.
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