Latest news with #KeturahArdh
Web Release
28-05-2025
- Business
- Web Release
MAG GROUP and Citic Limited Sign MoU for USD 6 Billion 'Keturah Ardh' Development in Dubai
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, have announced the signing of a Memorandum of Understanding (MoU) for the development of Keturah Ardh — a visionary 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. 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. 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.' 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.' In line with international environmental standards, the project is actively pursuing prestigious certifications such as LEED ND and the WELL Building Standard—underscoring Dubai's commitment to sustainable and future-ready developments.
Business Upturn
28-05-2025
- Business
- Business Upturn
MAG GROUP and Citic Limited Sign MoU for USD 6 Billion 'Keturah Ardh' Development in Dubai
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, have announced the signing of a Memorandum of Understanding (MoU) for the development of Keturah Ardh — a visionary USD 6 billion project spanning 18.47 million square feet in the Al Rowaiyah First District of Dubai. This press release features multimedia. View the full release here: Moafaq A. Al Gaddah, Founder and Chairman of MAG Group Holding and Yang Jianqiang, Chairman of CITIC Limited. (Photo: AETOSWire) 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 marks CITIC Limited's first major entry into Dubai's premium real estate sector. 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. 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.' 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.' In line with international environmental standards, the project is actively pursuing prestigious certifications such as LEED ND and the WELL Building Standard—underscoring Dubai's commitment to sustainable and future-ready developments. Source: AETOSWire View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same.
Hi Dubai
28-05-2025
- Business
- Hi Dubai
MAG Group and CITIC Limited Sign AED 22 billion MoU for 'Keturah Ardh' Mega Development in Dubai
CITIC Limited's total assets exceed USD 1.67 trillion The project marks CITIC's first major entry into Dubai's luxury real estate market 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. News Source: Cicero & Bernay
The National
28-05-2025
- Business
- The National
Mag Group and China's Citic to develop $6bn Keturah Ardh luxury project in Dubai
The UAE's Mag group and Chinese conglomerate Citic have signed an initial agreement to develop a $6 billion luxury real estate project in Dubai, amid continued property and construction boom in the emirate. Keturah Ardh will span 18.47 million square feet in Dubai's Al Rowaiyah First District, with completion timelines of the phased project between two and seven years, Mag Group Holding said in a statement on Wednesday. The first phase, launched under the Keturah Ardh Couture Art brand, will start in the fourth quarter of 2025. The second phase is expected in the first quarter of next year, with subsequent phases being carried out into 2027. "Keturah Ardh exemplifies what the future of living in Dubai should look like," said Moafaq Al Gaddah, founder and chairman of MAG Group Holding. "Our aim is to create a place where people feel deeply connected to their surroundings, with nature and community embedded into daily life." The companies will develop a mixed-use residential project that includes plots, villas, residences, educational institutes and hotels, Mr Gaddah told The National. Infrastructure works will start immediately, followed by launch of the first phase. More contracts will be given in the following months, he said. Mag is the latest company to launch a mega development in the Dubai, the commercial, tourism and financial hub of the Middle East, amid sustained momentum in the emirate's luxury property market. Both the off-plan and secondary segments of Dubai's real estate market have performed well, a report this month by Cavendish Maxwell said. In the first quarter of this year, nearly 590 transactions were recorded for properties priced at Dh20 million ($5.4 million) and above, highlighting robust demand from high-net-worth individuals (HNWIs) and cementing Dubai's reputation as a global destination for luxury property, Cavendish Maxwell said. "This demand is fuelled by favourable tax policies, long-term residency incentives and the city's exceptional global connectivity, all of which continue to attract HNWIs and contribute to the luxury market's sustained growth and resilience," the report said. The influx of wealthy people to the Emirates is also helping create the boom. Last year, 7,200 millionaires arrived in the UAE, building on an influx of 4,700 in 2023 and 5,200 in 2022, property consultancy Knight Frank said in a report. The number of dollar millionaires in the UAE stood at 130,500 at the end of December, ranking the Emirates as the world's 14th-largest wealth market. Strong demand has resulted in a shortage of luxury homes in Dubai, with the number of homes available for sale for $10 million or higher falling 40 per cent to only 2,491 last year. The number of homes available for $25 million or more also fell 85 per cent, to 86 properties in 2024, Knight Frank said. Mag International Investment will be the master-developer of the luxury project, involving collaboration with leading architects, designers, fashion brands and artists from across the globe. Citic will undertake the procurement and construction of the development. Mag, established in 1978, has a portfolio valued at $3 billion, ongoing sales worth $5 billion and developments estimated at $17 billion. The group's portfolio includes real estate, contracting, engineering, industrial and commercial trading; freight services and hospitality. With the Keturah Ardh project, Chinese state-owned Citic, which manages total assets exceeding $1.67 trillion, marks its first entry into Dubai's luxury property sector, a statement said. "By leveraging Citic'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," said Yang Jianqiang, chairman of Citic. Plot sizes within the development will range from 50,000 square feet to 200,000 square feet and the site will feature more than 100,000 trees, Mag said.
Bloomberg
28-05-2025
- Business
- Bloomberg
China's Citic, MAG Group to Work on $6 Billion Project in Dubai
Chinese state-owned conglomerate Citic Ltd. signed a memorandum of understanding to help finance the development of a planned 22 billion dirham ($6 billion) development in Dubai that's set to add thousands of homes to the city's booming market. Dubai's MAG Group and Citic will develop Keturah Ardh, which spans 18.47 million square feet in Dubai's Al Rowaiyah First District, according to a statement. The development will include low-rise towers, villas, offices, retail space as well as an AI university and a school, according to Talal Al Gaddah, senior executive vice chairman of MAG Lifestyle Development. He said the plan was for Citic to provide some of the construction financing.
