Dubai real estate: MAG Group and CITIC Limited sign $6bn deal
MAG Group and CITIC Limited have signed a Memorandum of Understanding (MoU) for the development of Keturah Ardh, an AED 22 billion ($6 billion) project in Dubai's Al Rowaiyah First District.
The development will span 18.47 million square feet and represents CITIC Limited's first entry into Dubai's real estate sector.
MAG Group Holding maintains a portfolio valued at $3 billion, with ongoing sales worth $5 billion and developments estimated at $17 billion. CITIC Limited manages total assets exceeding $1.67 trillion.
Dubai's new luxury district
Moafaq A. Al Gaddah, Founder and Chairman of MAG Group Holding, said: 'Keturah Ardh exemplifies what the future of living in Dubai should look like. Our aim is to create a place where people feel deeply connected to their surroundings, with nature and community embedded into daily life. This partnership with CITIC Limited represents a powerful alliance that will deliver exceptional value while setting new benchmarks for sustainable luxury developments in the UAE and beyond.'
The project aligns with Dubai's 2040 Urban Master Plan and will complete infrastructure works and achieve full site mobilisation by Q2 and Q3 2025.
The first phase will launch under the Keturah Ardh Couture Art brand in Q4 2025, followed by the second phase in Q1 2026. Subsequent phases will roll out through to 2027, with the project expected to be completed within a two- to seven-year timeframe.
Plot sizes will range from 50,000 to 200,000 square feet. The site will feature more than 100,000 trees aged between 20 and 2,200 years through a 'Life-Scaping' approach that integrates nature into the built environment to enhance air quality and emotional well-being.
Yang Jianqiang, Chairman of CITIC Limited, added: 'Our partnership with MAG Group Holding is built on a strategy of long-term value and genuine collaboration. By leveraging CITIC Limited's wealth of expertise in advanced manufacturing, innovative materials, sustainable infrastructure, and real estate, we want to shape a destination that welcomes all generations and sets new benchmarks for sustainability in the region. This inaugural project in Dubai reflects our commitment to providing preliminary services to clients as a precursor to securing EPC contracts, using EPC contracts to drive related industry development.'
CITIC Limited operates as one of the world's largest EPC contractors with operations in over 160 countries. The company brings expertise in infrastructure development and construction to the project.
The development will blend art, wellness, and sustainability into its community design. MAG Group Holding aims to create living environments that nurture physical and emotional well-being.
Keturah Ardh has secured government no-objection certificates from the Dubai Development Authority (DDA), Dubai Municipality, Dubai Electricity and Water Authority (DEWA), and Roads and Transport Authority (RTA).
The project invites collaboration with architects, designers, fashion brands, and artists whose creative vision aligns with the development's ethos.
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