Latest news with #Dubai2040
Zawya
4 days ago
- Business
- Zawya
Dubai Municipality promotes PPP models for developing public parks
Dubai Municipality is exploring Public-Private Partnership (PPP) framework to develop high-quality public parks across the emirate in line with the Dubai 2040 Urban Master Plan and the city's Greenery Strategy, according to a press statement issued by the entity. Officials showcased Operate and Maintain (OM) agreements, Design–Build–Operate–Transfer (DBOT) structures, and event-based activations during a recent workshop organised in collaboration with Dubai Land Department on Thursday. Park archetypes presented at the workshop included destination parks, beach parks, residential parks, nature parks, and linear parks. (Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Zawya
5 days ago
- Business
- Zawya
MAG Group and CITIC Limited sign MoU for AED 22bln Keturah Ardh development in Dubai
The project marks CITIC's first major entry into Dubai's luxury real estate market Dubai, United Arab Emirates – In a landmark move poised to significantly shape Dubai's luxury real estate landscape, MAG Group and CITIC Limited, one of China's largest state-owned conglomerates and a global leader in engineering, procurement, and construction (EPC), have announced the signing of a Memorandum of Understanding (MoU) for the development of Keturah Ardh — a visionary AED 22 billion (USD 6 billion) project spanning 18.47 million square feet in the Al Rowaiyah First District of Dubai. The signing ceremony brought together two financial powerhouses: MAG Group Holding, with a portfolio valued at USD 3 billion, ongoing sales worth USD 5 billion, and developments estimated at approximately USD 17 billion; and CITIC Limited, which manages total assets exceeding USD 1.67 trillion. This collaboration, marking CITIC Limited's first major entry into Dubai's premium real estate sector, aligns closely with Dubai's ambitious 2040 Urban Master Plan, further reinforcing the emirate's position as a global hub for innovative real estate development. The development timeline outlines the completion of infrastructure works and full site mobilisation by Q2 and Q3 2025. The first phase, launched under the Keturah Ardh Couture Art brand, will debut in Q4 2025. The second phase is expected in Q1 2026, with subsequent phases rolled out through to 2027. The project is expected to be completed within a two- to seven-year timeframe. Plot sizes within the development will range from 50,000 to 200,000 square feet, and the site will feature more than 100,000 trees—aging between 20 and 2,200 years—brought together through an innovative 'Life-Scaping' approach. This design philosophy integrates nature as an inseparable element of the built environment, significantly enhancing air quality and emotional well-being, while addressing key concerns for Dubai's urban future. In his comments, 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." Yang Jianqiang, Chairman of CITIC Limited, said: "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." As one of the world's largest EPC contractors with extensive global operations in over 160 countries, CITIC Limited brings unparalleled expertise in delivering complex, large-scale projects. The company's proven track record in infrastructure development and construction excellence will be instrumental in realizing the ambitious vision for Keturah Ardh. Keturah Ardh is poised to redefine the future of urban living by seamlessly blending art, wellness, and sustainability into every layer of its community design. The project reflects MAG Group Holding's commitment to creating holistic living environments that nurture both physical and emotional well-being. The project has secured all necessary government no-objection certificates (NOCs) from key regulatory bodies, including the Dubai Development Authority (DDA), Dubai Municipality, Dubai Electricity and Water Authority (DEWA), and Roads and Transport Authority (RTA), ensuring a smooth and efficient development process. The development also invites collaboration with leading architects, designers, fashion brands, and artists whose creative vision aligns with the project's forward-thinking ethos. In line with international environmental standards, the project is actively pursuing prestigious certifications such as LEED for Neighbourhood Development (LEED ND) and the WELL Building Standard—underscoring Dubai's commitment to sustainable and future-ready development.
Zawya
21-05-2025
- Business
- Zawya
Sheikh Hamdan witnesses signing of agreement to implement affordable housing projects in Dubai
DUBAI: H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, witnessed the signing of an agreement to implement a series of affordable housing projects in the emirate. The agreement was signed between the Roads and Transport Authority (RTA), Dubai Municipality, and Wasl Group. Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors of the RTA, and Chairman of the Supreme Committee for Urban Planning, signed the agreement on behalf of the RTA. Marwan bin Ghalita, Director General of Dubai Municipality, signed on behalf of the Municipality, while Hesham Abdulla Al Qassim, Chief Executive Officer of Wasl Group, signed on behalf of Dubai Real Estate Corporation (DREC).. The agreement follows a directive from The Executive Council of Dubai to allocate land for affordable housing projects, in line with the Dubai 2040 Urban Master Plan and the objectives of the Affordable Housing Policy. The policy aims to develop vibrant, healthy communities; support urban centres that drive key economic sectors; diversify employment opportunities; and address the housing and service needs of residents across income levels. It also seeks to provide diverse, high-quality housing options that meet approved standards, ensure connectivity to the city centre, offer access to essential services, and align with the '20-Minute City' concept. The first phase of the housing projects covers six areas across Me'aisem 1, Al Twar 1, Al Qusais Industrial Area 5, and Al Leyan 1, with a combined area of approximately 1.46 million square metres. The development will deliver more than 17,000 residential units, catering to skilled professionals of various nationalities working in strategic positions in both public and private sectors. The overall objective is to provide suitable housing options at affordable rental rates, optimise land use, and develop residential models tailored to diverse community needs. Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors of the RTA, and Chairman of the Supreme Committee for Urban Planning, said: 'Housing remains a key priority under the guidance of our leadership, reflecting their commitment to enhancing community well-being and quality of life. The Affordable Housing Programme is one of the Dubai Government's pioneering initiatives aimed at supporting individual and family welfare, while promoting a balanced lifestyle. The launch of the programme also aligns with the UAE's designation of 2025 as the 'Year of Community'.' He added: 'The Programme supports the objectives of the Dubai 2040 Urban Master Plan, which envisions Dubai as the world's best city to live in, offering integrated, accessible, and high-quality housing solutions. It also contributes to reducing commuting times between residences and workplaces, helping to lower the cost of living, enhance productivity, and improve employee satisfaction and well-being.' Marwan Ahmad bin Ghalita, Director General of Dubai Municipality, said: 'The affordable housing projects reflect the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to build a cohesive and prosperous society and position Dubai as the best city in the world to live and work. This vision is driven by a commitment to providing a world-class quality of life within vibrant and empowered communities, enabling residents to grow sustainably, realise their aspirations, and sustain their success.' He added: 'The new projects introduced under the Affordable Housing Policy, launched under the directives of HH Sheikh Hamdan bin Mohammed, represent a major step in developing sustainable urban centres that will shape the future of housing in Dubai and support the goals of the Dubai 2040 Urban Master Plan. These projects will also contribute to building inclusive, healthy communities equipped with comprehensive services and recreational facilities that meet residents' needs. In parallel, they will support job creation, stimulate economic and commercial activity, and strengthen sustainable urban planning—enhancing Dubai's attractiveness, resilience, and liveability.' Hesham Abdulla Al Qassim, Chief Executive Officer, Wasl Group, said: 'At Wasl, we are committed to shaping a future where inclusive urban living is a reality for all. Our collaboration with RTA and Dubai Municipality represents a strategic step forward in delivering sustainable, high-quality housing solutions. Insights from the recent 'Bridges of Communication' workshop have reinforced the importance of unified efforts in addressing housing affordability. This MoU underscores our commitment to advancing initiatives that support the Dubai 2040 Urban Master Plan and contribute to shaping a cohesive, sustainable, and future-ready urban landscape.'
Zawya
21-05-2025
- Business
- Zawya
Wasl in deal to develop 17,000 affordable homes in Dubai
Dubai's Roads and Transport Authority (RTA) has signed agreements with Dubai Municipality and leading developer Wasl Group to implement a series of affordable housing projects across the emirate in line with the 2040 Urban Master Plan. According to RTA, the first phase of the housing projects covers six areas across Me'aisem 1, Al Twar 1, Al Qusais Industrial Area 5, and Al Leyan 1, with a combined area of approximately 1.46 million sq m. The development will deliver more than 17,000 residential units, catering to skilled professionals of various nationalities working in strategic positions in both public and private sectors. The overall objective is to provide suitable housing options at affordable rental rates, optimise land use, and develop residential models tailored to diverse community needs, it stated. Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors of the RTA, signed the agreement with Marwan bin Ghalita, Director General of Dubai Municipality and Hesham Abdulla Al Qassim, the CEO of Wasl Group, in the presence of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai. The deal comes following a directive from The Executive Council of Dubai to allocate land for affordable housing projects, in line with the Dubai 2040 Urban Master Plan and the objectives of the Affordable Housing Policy. The policy aims to develop vibrant, healthy communities; support urban centres that drive key economic sectors; diversify employment opportunities; and address the housing and service needs of residents across income levels, said the statement. It also seeks to provide diverse, high-quality housing options that meet approved standards, ensure connectivity to the city centre, offer access to essential services, and align with the '20-Minute City' concept, it added. Al Tayer said: "Housing remains a key priority under the guidance of our leadership, reflecting their commitment to enhancing community well-being and quality of life. The Affordable Housing Programme is one of the Dubai Government's pioneering initiatives aimed at supporting individual and family welfare, while promoting a balanced lifestyle." "The launch of the programme also aligns with the UAE's designation of 2025 as the 'Year of Community'," he stated. Bin Ghalita said the new projects represent a major step in developing sustainable urban centres that will shape the future of housing in Dubai and support the goals of the Dubai 2040 Urban Master Plan. "These projects will also contribute to building inclusive, healthy communities equipped with comprehensive services and recreational facilities that meet residents' needs. In parallel, they will support job creation, stimulate economic and commercial activity, and strengthen sustainable urban planning - enhancing Dubai's attractiveness, resilience, and liveability," he added. Al Qassim said: "At Wasl, we are committed to shaping a future where inclusive urban living is a reality for all. Our collaboration with RTA and Dubai Municipality represents a strategic step forward in delivering sustainable, high-quality housing solutions." "Insights from the recent 'Bridges of Communication' workshop have reinforced the importance of unified efforts in addressing housing affordability," he stated. "This MoU underscores our commitment to advancing initiatives that support the Dubai 2040 Urban Master Plan and contribute to shaping a cohesive, sustainable, and future-ready urban landscape," he added.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
20-05-2025
- Business
- Trade Arabia
Wasl in deal to develop 17,000 affordable homes in Dubai
Dubai's Roads and Transport Authority (RTA) has signed agreements with Dubai Municipality and leading developer Wasl Group to implement a series of affordable housing projects across the emirate in line with the 2040 Urban Master Plan. According to RTA, the first phase of the housing projects covers six areas across Me'aisem 1, Al Twar 1, Al Qusais Industrial Area 5, and Al Leyan 1, with a combined area of approximately 1.46 million sq m. The development will deliver more than 17,000 residential units, catering to skilled professionals of various nationalities working in strategic positions in both public and private sectors. The overall objective is to provide suitable housing options at affordable rental rates, optimise land use, and develop residential models tailored to diverse community needs, it stated. Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors of the RTA, signed the agreement with Marwan bin Ghalita, Director General of Dubai Municipality and Hesham Abdulla Al Qassim, the CEO of Wasl Group, in the presence of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai. The deal comes following a directive from The Executive Council of Dubai to allocate land for affordable housing projects, in line with the Dubai 2040 Urban Master Plan and the objectives of the Affordable Housing Policy. The policy aims to develop vibrant, healthy communities; support urban centres that drive key economic sectors; diversify employment opportunities; and address the housing and service needs of residents across income levels, said the statement. It also seeks to provide diverse, high-quality housing options that meet approved standards, ensure connectivity to the city centre, offer access to essential services, and align with the '20-Minute City' concept, it added. Al Tayer said: "Housing remains a key priority under the guidance of our leadership, reflecting their commitment to enhancing community well-being and quality of life. The Affordable Housing Programme is one of the Dubai Government's pioneering initiatives aimed at supporting individual and family welfare, while promoting a balanced lifestyle." "The launch of the programme also aligns with the UAE's designation of 2025 as the 'Year of Community'," he stated. Bin Ghalita said the new projects represent a major step in developing sustainable urban centres that will shape the future of housing in Dubai and support the goals of the Dubai 2040 Urban Master Plan. "These projects will also contribute to building inclusive, healthy communities equipped with comprehensive services and recreational facilities that meet residents' needs. In parallel, they will support job creation, stimulate economic and commercial activity, and strengthen sustainable urban planning - enhancing Dubai's attractiveness, resilience, and liveability," he added. Al Qassim said: "At Wasl, we are committed to shaping a future where inclusive urban living is a reality for all. Our collaboration with RTA and Dubai Municipality represents a strategic step forward in delivering sustainable, high-quality housing solutions." "Insights from the recent 'Bridges of Communication' workshop have reinforced the importance of unified efforts in addressing housing affordability," he stated.
