Latest news with #UrbanMasterPlan
Hi Dubai
6 days ago
- 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
Zawya
6 days ago
- Business
- Zawya
MAG Group signs up CITIC for $6bln Keturah Ardh project
Dubai-based developer MAG Group and CITIC Limited, China-based global leader in engineering, procurement, and construction (EPC), have signed a memorandum of understanding (MoU) for the development of Keturah Ardh, a visionary AED22 billion ($6 billion) project spanning 18.47 million sq ft in the Al Rowaiyah First District of Dubai. The signing ceremony brought together two financial powerhouses: MAG Group Holding, with a portfolio valued at $3 billion, ongoing sales worth $5 billion, and developments estimated at approximately $17 billion; and CITIC Limited, which manages total assets exceeding $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, said a statement. 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 sq ft to 200,000 sq ft, 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." The development also invites collaboration with leading architects, designers, fashion brands, and artists whose creative vision aligns with the project's forward-thinking ethos to be part of the project, the statement said. 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. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Dubai Eye
09-05-2025
- Business
- Dubai Eye
New urban hub to rise around historic Jebel Ali Racecourse
A new urban development is set to reshape Dubai's skyline. UAE investment firm A.R.M. Holding has teamed up with the architecture studio BIG-the Bjarke Ingels Group to design a massive 5-square-kilometre masterplan surrounding the iconic Jebel Ali Racecourse. Announced at a signing ceremony attended by A.R.M. Holding CEO Mohammad Saeed Al Shehhi and BIG founder Bjarke Ingels, the project is aligned with Dubai's 2040 Urban Master Plan. It will focus on sustainable growth, community connection and expanding green spaces. The ambitious design reimagines the racecourse area as a network of urban islands surrounded by greenery, anchored by a central park that flows throughout the neighbourhood. Bjarke Ingels described the development as a "new chapter for Dubai" where environmental and social sustainability are front and centre. Construction is expected to begin in early 2026. A.R.M. Holding says the project reflects a blend of Emirati heritage and global innovation, building communities that foster empathy, identity and belonging.
Zawya
11-03-2025
- Business
- Zawya
Meraas awards more than AED 2bln construction contract for Design Quarter at d3
Dubai, UAE: Meraas, a member of Dubai Holding Real Estate, has awarded a contract worth over AED 2 billion to Arabian Construction Company LLC for the construction of Design Quarter at d3, which includes the first residential community within Dubai Design District (d3), a global creative and design ecosystem. Scheduled for completion by mid-2027, Design Quarter at d3 will create a vibrant and creative living environment at the heart of the d3's masterplan. Residents will enjoy incredible views of the Dubai Canal and the picturesque Downtown skyline, providing an unparalleled backdrop. Unveiled earlier this year, Design Quarter at d3 comprises a collection of 558 carefully designed one-, two- and three-bedroom apartments. These are spread across three buildings – one low-rise and two towering skyscrapers – nestled within a beautifully landscaped podium. This elevated podium serves as a communal area, linking the residential towers to form a social hub for the residents. This will include co-working spaces, an indoor-outdoor gym, pool facilities, barbecue areas and fun-filled zones for children's activities. Residents of Design Quarter at d3 will become part of one of the most bustling global creative hubs. d3 is home to some of the world's leading creative brands, designers, studios and entrepreneurs. Featuring a blend of high-end fashion stores, art galleries, design and creative institutes as well as a diverse culinary scene, d3 is a place where business, creativity and culture thrive. To ensure a car-free and pedestrian-friendly environment, car parking will be provided for the residential area through controlled access podium levels. Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate, said: 'We are delighted to partner with Arabian Construction Company LLC on this inaugural residential venture. This project not only encapsulates the spirit of artistic living but also contributes significantly to the long-term economic growth of the city in line with Dubai Economic Agenda D33 and the 2040 Urban Master Plan. The construction of Design Quarter at d3, is a testament to our commitment to fostering creativity and innovation as crucial drivers for sustainable economic progress.' Hamed Mikati, Chief Operation Officer, Arabian Construction Company LLC, added: "We are thrilled to contribute to this extraordinary development, a project that aligns with the exciting future of Dubai. Our collaboration with Meraas goes beyond construction, it's about fostering an ecosystem that nurtures creativity and innovation and contributing to Dubai's transformation into a dynamic, creative metropolis." Meraas' projects form a unique blend of people-centric communities set against carefully planned master communities that are pivotal to realising Dubai's 2040 Urban Master Plan. For the video: Design Quarter at d3 | Awarding of Construction Contract Media enquiries Burson dubaiholding@ About Dubai Holding Real Estate Dubai Holding Real Estate is a member of Dubai Holding and is one of the largest integrated master developers in Dubai, offering a diverse range of residential communities as well as a robust land sales portfolio across unique and highly sought-after locations. Combining the long-standing experience and expertise of Meraas, Nakheel, Meydan and Dubai Properties, the portfolio offers innovative residential real estate solutions across property development, project and facilities management. Each development is built to sell, offering a unique opportunity to be a part of Dubai's vibrant future. Residents living in its developments can enjoy unique and attractive lifestyle opportunities to meet the evolving needs. Meraas plays a key role in the development of communities that stimulate creative urban culture and represent some of Dubai's most sought-after locations. Residential communities of Meraas include the prestigious Bvlgari Residences, Bluewaters Residences, Nikki Beach Residences, City Walk Residences, Central Park at City Walk, Cherrywoods, Port de La Mer and Villa Amalfi. Nakheel whose landmark projects form an impressive portfolio of master communities that are pivotal to realising Dubai's vision. Nakheel's master developments include Palm Jebel Ali, Dubai Islands and the iconic Palm Jumeirah, spanning 15,000 hectares and accommodating nearly 740,000 people. Meydan is the visionary concept of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai. Its portfolio includes Mohammed Bin Rashid City, District One and the Canal Front Residences. Dubai Properties is responsible for some of the most iconic property developments and destinations across Dubai, including Business Bay and Jumeirah Beach Residence (JBR) – the first single-phase, 40-tower residential development in the world. Its residential communities in Dubailand include The Villa, Al Waha, Serena, Villanova, Mudon and Remraam, while projects around the Dubai Creek within Jaddaf Waterfront include Dubai Wharf and Manazel Al Khor.
Zawya
27-02-2025
- Business
- Zawya
DHG Properties expands Dubai portfolio with third landmark residential project on Dubai Islands
Dubai Islands is rapidly emerging as a premier real estate and tourism hub, aligning with Dubai's 2040 Urban Master Plan DHG Properties' new project brings the total development value in Dubai to AED 1.3 billion, reinforcing its commitment to the UAE market Dubai, UAE – DHG Properties, operating within Swiss real estate and construction group DHG Holding, has announced the acquisition of a prime land plot on Dubai Islands, marking its third residential project in Dubai and its second major investment since the start of 2025. The new development will feature approximately 100 premium apartments across 11 floors, with a built-up area of 14,500 m², offering modern living spaces with complementary amenities. The project's value stands at AED 260 million. Dubai Islands, formerly known as Palm Deira, a visionary waterfront destination, is rapidly emerging as a premier real estate hotspot. Strategically positioned to offer seamless connectivity to Dubai's central districts, the island is set to become a leading residential and tourism hub. With world-class beaches, entertainment venues, and an emphasis on sustainability, Dubai Islands aligns with Dubai's ambition to enhance its global appeal as a top-tier living and investment destination. DHG Properties' latest project will contribute to this dynamic landscape, offering premium Swiss-quality residences that blend contemporary design with timeless craftsmanship. The development will feature modern amenities, catering to the refined lifestyle of Dubai's residents. This project also aligns with Dubai's 2040 Urban Master Plan, which aims to develop vibrant communities, enhance urban living, and position Dubai as a leading global city. By integrating Swiss excellence, precision, and durability into its projects, DHG Properties contributes to the UAE government's strategic initiatives for sustainable urban development. Blagoje Antic, Chairman of the Board and CEO of DHG Holding, stated, 'Our third project in Dubai underscores our long-term commitment to this thriving market. Dubai Islands is truly an exceptional location that represents the future of premium waterfront living, and we are proud to bring our Swiss heritage of over 30 years and 300 completed projects in Europe to this dynamic city. With a dedicated focus on superior quality, we aim to create residences that offer lasting value and timeless appeal to enhance not only the city's landscape but also contribute to elevated community living.' Milos Antic, Vice Chairman of DHG Holding and CEO of DHG Properties, added: 'The rapid growth of Dubai's real estate sector presents an incredible opportunity for us to bring our expertise in high-quality development projects, supporting Dubai's vision as one of the most desirable places to live, work, and invest in. As Dubai continues to attract global investors and residents, DHG Properties remains committed to bringing its signature Swiss quality to the market, ensuring that each development contributes to the city's reputation as a world-class real estate destination.' This new acquisition follows DHG Properties' first project, Helvetia Residences in JVC, and the recent announcement of an AED 300 million residential project in Meydan Bukadra, featuring 110 apartments. With this expansion, DHG Properties has now reached nearly AED 1.3 billion in total development value in the Dubai market, reinforcing its commitment to long-term growth and investment in the UAE. About DHG: DHG Properties Dubai operates within DHG Holding, a leading Swiss real estate development and construction company, with over 30 years of experience and a portfolio of more than 300 completed projects and 2.5 million square meters delivered across Switzerland, Serbia, and the UAE. Led by its Founder and Chairman of the Board, Blagoje Antić, DHG Holding is successfully executing its long-term international expansion strategy. DHG Properties is poised to replicate DHG's success with its entry into the UAE market by bringing its signature touch of Swiss excellence to the country's dynamic and thriving real estate sector. For all media inquiries contact: Alain Selfani | Amjad Mkayed | Srishti Soni Atteline Email: dhgpr@
