Latest news with #MoafaqA.AlGaddah
ME Construction
04-06-2025
- Business
- ME Construction
MAG Group Holding launches Riviera Heights in Marsa Zayed
Property MAG Group Holding launches Riviera Heights in Marsa Zayed By The development will serve as a southern gateway to Jordan's most renowned attractions, including the UNESCO World Heritage Site Petra and the Wadi Rum Protected Area MAG Group Holding has unveiled Riviera Heights, its first luxury residential development in Marsa Zayed, Jordan's largest mixed-use beachfront community. The project marks the beginning of a larger plan to transform a 320ha section of Jordan's Red Sea coast into an international tourism and residential destination. In February, the landowner AD Ports Group appointed Dubai-based MAG Group Holding to develop Marsa Zayed. The development will serve as a southern gateway to Jordan's most renowned attractions, including the UNESCO World Heritage Site Petra and the Wadi Rum Protected Area. Riviera Heights, a vibrant and contemporary waterfront community, serves as the foundation for Marsa Zayed's vision. It blends homes, cultural offerings, and a lively social scene, making it a significant milestone for Aqaba. Riviera Heights will be built on the southern edge of the Marsa Zayed development area. It will comprise four 35-storey buildings with over 1,250 seafront apartments. Site work is currently underway and the construction of Riviera Heights is expected to be completed by Q1 2028. MAG Group Holding is committed to delivering quality, design, and lifestyle focused experiences to its investors, the statement noted. Moafaq A. Al Gaddah, Founder and Chairman of MAG Group Holding said, 'Riviera Heights captures the true essence of Jordan its warmth, heritage, and culture. We are breathing new life and economic vitality into Aqaba by creating vibrant spaces that foster genuine connection to its extraordinary Red Sea coastline. Together with AD Ports Group, our vision is to cultivate a destination with wide appeal to a wide range of discriminating travellers, where everyone feels a true sense of belonging.' Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group added, 'We welcome the launch of Riviera Heights, which marks the official beginning of construction in Marsa Zayed, the Red Sea's newest and most exciting tourism and residential development. Under the wise guidance of our leadership in the UAE, AD Ports Group and MAG Group Holding are making a strategic investment in Jordan's economy that will bring long-term jobs and economic growth to a region defined by its unique natural coastal beauty.' Marsa Zayed, Jordan's flagship tourism venture stands as one of the Middle East's most ambitious real estate development projects. Located next to the Phase 1 development of Marsa Zayed, Riviera Heights will extend 1.2km along the Red Sea beachfront. This development will feature a marina, a hotel, hotel apartments with a beach club, an Old Souq marketplace with 50 retail shops, a yacht club, and a visitor's centre. Marsa Zayed will also showcase the restored minaret of the Al-Sharif Al-Hussein Bin Ali Mosque, an architectural feature in Aqaba, aims to attract regional and international homeowners and investors.
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
Mid East Info
28-05-2025
- Business
- Mid East Info
MAG GROUP and Citic Limited Sign MoU for USD 6 Billion 'Keturah Ardh' Development in Dubai - Middle East Business News and Information
CITIC Limited's total assets exceed USD 1.67 trillion 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. 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.
