Dubai – Mubasher: Deyaar Development and Arady Properties signed a memorandum of understanding (MoU) to establish a joint development project at Al Reem Island in Abu Dhabi.
Through the agreement, the two entities plan to explore how the project can be developed on a joint ownership basis, according to a press release.
Deyaar and Arady Properties seek to enter into a mutually acceptable joint venture (JV) shareholders’ agreement to pursue the project's development, financing, construction, and sales.
Saeed Mohammed Al Qatami, CEO of Deyaar, said: "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.”
Khaled Al Fahim, Chairman of Arady Properties, commented: "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,” Al Fahim continued.
In the first half (H1) of 2023, Deyaar posted 77% higher net profits at AED 118.47 million, compared to AED 66.90 million in H1-22.
