Abu Dhabi ports operator AD Ports Group sold a piece of land for AED 2.5 bn to real estate developer Mira Developments to establish one of the largest multi-use communities in Abu Dhabi’s Al Mamoura district, according to an ADX disclosure (pdf). This comes as AD Ports looks to generate more value from its land portfolio and reinvest the proceeds into other long-term logistics, infrastructure, and trade projects, as well as reduce leverage to strengthen its overall financial position, the statement read.

The details: Mira will build a community development along the Dubai-Abu Dhabi highway, which will include residential, business, educational, commercial, and leisure facilities. Construction is slated to kick off within a year, with completion expected within 10 years of the agreement signing date.

AD Ports has been busy developing its land portfolio both home and away, recently tapping Dubai-based conglomerate MAG Group Holding to develop the first phase of its Marsa Zayed real estate project in Jordan. It also inked a 50-year usufruct agreement for an industrial and logistics zone in East Port Said as well as another MoU with Egypt’s Transport Ministry to develop an integrated logistics park in Alexandria Port. Closer to home, it signed an agreement with Azizi Developments for the latter to invest AED 1 bn in developing factories in Kezad.

The corridor linking the two emirates is filling up, with AD Ports subsidiary Kezad Group planning Kezad Business District, a 3 sq km mixed-use commercial hub, and Egyptian b’naire Naguib Sawiris’ real estate firm Ora Developers launching its flagship UAE project, Bayn, a 4.8 mn sqm coastal community located in Ghantoot between the two cities. Ohana Development is also working on an AED 4.7 bn beachfront residential project in Al Jurf between the two emirates, slated for completion in 2Q 2028.

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