Two AED 20 bn+ real estate megaprojects are in the pipeline for Dubai, with local developers MAG and Binghatti planning new master-planned communities worth a combined AED 47 bn — one of them backed by Chinese state-owned giant CITIC.

#1- MAG, CITIC to co-develop AED 22 bn luxury community in Al Rowaiyah First: China’s state-owned engineering, procurement, and construction conglomerate CITIC is making its foray into Dubai real estate through a joint venture with Dubai-based developer MAG Group. The two companies will co-develop Keturah Ardh, an AED 22 bn (USD 6 bn) residential project in Dubai’s Al Rowaiyah First District, according to a statement picked up by Bloomberg.

Project overview: The 18.5 mn sq ft master-planned community will be anchored by the Keturah Ardh Couture Art brand and will feature large villa plots ranging from 50k to 200k sq ft. It will also include low-rise towers, offices, retail space, a school, and an AI-focused university.

Development timeline: Infrastructure works and site mobilization are scheduled to begin between 2Q and 3Q 2025, with MAG set to launch plot sales in 2Q. Phase one is set to launch in 4Q 2025, followed by phase two in 1Q 2026. Further phases will roll out until 2027, and the project will be completed within two to seven years. The project has secured all the necessary no-objection certificates, the statement reads.

Financing: CITIC is expected to contribute a portion of the construction financing for the project, Bloomberg reported, citing statements from senior executive vice chairman Talal Al Ghaddah. The Chinese state-owned conglomerate, one of the world’s largest engineering, procurement, and construction contractors, manages over USD 1.7 tn in assets and operates in more than 160 countries.

Another notch in MAG’s USD 17 bn belt: For MAG, the project adds to a growing pipeline it values at USD 17 bn. The group is also planning to launch its largest development to date — an 18 mn sq ft integrated city near Dubai Silicon Oasis and Academic City — with an estimated sales value of up to AED 50 bn. MAG is simultaneously ramping up its push into tokenized real estate, recently signing a USD 3 bn agreement with MultiBank Group and blockchain firm Mavryk to list inventory on a regulated digital assets marketplace. This comes on the heels of a separate USD 500 mn tokenization partnership with Mantra, starting with a Dubai residential project.

Next steps: The developers are looking to onboard global designers, fashion houses, and architects for the project.

IN OTHER REAL ESTATE NEWS-

Binghatti plans AED 25 bn community in Meydan: Dubai-based developer Binghatti Holding has acquired freehold land in Nad Al Sheba 1, part of Dubai’s Meydan district, to develop its first master-planned residential community, Zawya reports, citing a company statement. The project will cover over 8 mn sq ft of gross floor area and is valued at more than AED 25 bn (USD 6.8 bn). The cost of the acquisition, which was self-financed, has not been disclosed.

More in the pipeline: Binghatti currently has almost 30 projects underway, which will offer up a total of 20k units, including the AED 5 bn Binghatti Skyrise in Business Bay, an AED 4 bn project in Al Jaddaf, and an AED 600 mn residential project in Jumeirah Village Circle. The company is also exploring real estate tokenization, with plans to enable investors to enter the market with as little as AED 500.

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