Jonathan Emery, CEO of Aldar Developments, said: “This agreement represents an important milestone in Aldar’s strategy to accelerate sustainable development in Abu Dhabi. The Sustainable City – Yas Island will have all the elements of a high-quality sustainable living and will complement our commitment to reduce carbon, in line with the UAE’s strategic Net Zero initiative by 2050. The project will also provide a new and exciting lifestyle option for our customers in the heart of the highly sought after Yas Island.
Diamond Developers has a proven track record and experience delivering high quality sustainable projects, and the sustainable Yas Island will bring together the best diamond developers with the best of the house. We also expect to use what we learned from this partnership to deliver more sustainable solutions within our current and future projects.”
Faris Saeed, Chairman of Diamond Developers, said: “Successful iteration and rapid growth of sustainable developments around the world depend on partnerships and collaboration between the public and private sectors. We are pleased to collaborate with the leading real estate developer in Abu Dhabi, Aldar, and believe that the agreement provides opportunities essential for knowledge sharing. As we work together to build a more sustainable and prosperous future for the UAE, we are paving the way for the development of more sustainable infrastructure and a clear path to achieving net zero.”
Construction of the AED 1.8 billion project is scheduled to begin in the fourth quarter of 2022, with the project to be completed within 30 months. The project will complement the diversified residential, retail and leisure offerings already available on Yas Island.
For more information, please contact:
Obaid Al Yammahi
+971 2810 5555
+971 2234 4600
Aldar Properties is the leading real estate developer and manager in the UAE with a diversified and sustainable operating model centered around two core businesses: Aldar Developments and Aldar Investments.
Aldar Developments is a master developer of integrated, vibrant and thriving communities across desirable destinations in Abu Dhabi, including Yas Island, Saadiyat Island, Al Raha and Al Reem Island. It is responsible for developing c. Land of 65 million square meters and includes three companies: Aldar Enterprises, which manages fee-based management business, including AED 45 billion of government housing and infrastructure projects; Aldar Enterprises, which incubates and nurtures new business opportunities and areas of innovation; and Aldar Egypt, the platform focused on developing mixed-use communities in Egypt.
Aldar Investments comprises of Aldar’s core asset management business, which includes an investment portfolio of AED 16 billion and income-generating real estate assets across the retail, residential and commercial sectors. It also operates three primary platforms: Aldar Education, Aldar Properties and Aldar Hospitality and Leisure. Aldar Education encompasses the entire Aldar educational portfolio, including Aldar Academies, the leading educational group in Abu Dhabi, with 20 schools, more than 24,000 students and a growing network of 3,000 teachers from over 100 nationalities, offering a wide range of curricula and additional services such as Tadreeb Academy teachers.
Aldar Properties is unifying Aldar’s retail operations alongside its existing residential and commercial property operations under Provis and will also include community management under one integrated property management platform. Aldar Hospitality and Leisure Company looks after Aldar’s portfolio of hotel and leisure assets, which are centered around Yas Island and Saadiyat Island. It includes Aldar’s portfolio of 10 hotels, comprising more than 2,900 hotel keys and managing operations across golf courses, beach clubs and marinas.
Aldar shares are traded on the Abu Dhabi Stock Exchange (Quote: ALDAR: UH), a profitable, cash-generating company that provides recurring revenue and benefits from a diverse and supportive shareholder base. Aldar operates under high standards of corporate governance and is committed to running a long-term and sustainable business in order to provide continued value to its shareholders.
Aldar is driven by its vision to be a leading real estate developer and manager in the region by playing a major role in developing high quality, convenient and desirable destinations where people can live, work, and visit.
For more information about Aldar, please visit www.aldar.com
About Diamond Developers:
Founded in 2003, Diamond Developers embodies a fundamental change in the concept of future cities: building and maintaining sustainable, evidence-driven, smart communities that live and thrive with the highest standards of sustainability. Its replicable and scalable cities advance the goals of the 2050 Paris Agreement, enhance quality of life, and create significant value within the country.
The first business model for future cities, The Sustainable City of Dubai, is designed to cover all sustainable social, environmental and economic strategies, as well as provide proof of concept and a test bed for future technologies and strategies. The project has received several awards and recognitions including “Best Real Estate Developer for Sustainable Green Development” and “Happiest Community in the GCC” at the Gulf Real Estate Awards (GREA).
Diamond Developers (in partnership with Shurooq) is building the first net zero energy community in Sharjah, Sharjah Sustainable City, and unveiled the region’s first net zero carbon building “SEE Institute” last year. With more ambitious projects in the pipeline, the company is committed to empowering, empowering and supporting partners around the world to achieve the 2050 global climate goals and build the cities of tomorrow, today.
© Press Release 2022
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