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Aldar acquires Al Fahid Island for $680 million to build a waterfront project
It will have more than 4,000 residential units, a school, recreational, commercial, and hotel features.
With astounding miles of waterfront, UAE has lots of shorelines — and that’s why forward-thinking developers are creating ambitious waterfront projects that feature natural areas.
Recently, Abu Dhabi-based Aldar Properties paid $680 million for Al Fahid Island, a 3.4 million square meter land bank.
The development, which will include more than 11 kilometers of beachfront, is situated between Yas Island and Saadiyat Island. It will have more than 4,000 residential units, a school, recreational, commercial, and hotel features.
According to a statement Aldar sent to the Abu Dhabi Securities Exchange, where its shares are traded, the acquisition consideration would be paid over five years.
The deal “further bolsters Aldar’s development strategy, which sees the company bringing diverse products to the market that cater to the demand of local, regional, and international investors and homeowners,” it added. Al Fahid Island’s gross development value is over $7 billion.
“This latest land acquisition is particularly significant for Aldar as we continue to develop Abu Dhabi’s most strategically located and desirable destinations,” said Talal Al Dhiyebi, group chief executive at Aldar Properties.
The company stated that the first phase would be made available to buyers near the end of this year. A strong focus on protecting wildlife and habitats on the island, as well as sustainable design and construction, was stated to be part of the development.