Aldar plans 20 mn sqm worth of developments in Abu Dhabi

Aldar is opening up another massive stretch of land for housing and mixed-use developments, with plans to build 20 mn sqm of residential and mixed-use developments across Abu Dhabi, including on a new, previously “unactivated” island called Al Mihsinah, according to a press release (pdf).

Developments will span residential, retail, educational, and lifestyle components. At Muwaylih, Mussafah, Al Zahiya, and Al Faya, the developments will combine lifestyle-focused residential projects with value housing offerings aimed at different income segments, while Al Mihsinah Island is set to become a new waterfront residential and leisure destination. The agreement assigns land provision to Abu Dhabi’s Department of Municipalities and Transport (DMT) and hands Aldar the master developer role.

Background

The partnership builds on a broader housing push. Aldar has been expanding into Abu Dhabi’s affordable and rental-focused housing segment, including an AED 2.8 bn partnership with DMT announced in late April to deliver 9k rental units across Mohamed Bin Zayed City and Baniyas by 2029. The developer is behind major developments across Saadiyat Island, Yas Island, and Al Raha Beach.

It has the liquidity to support: In April, Aldar secured an AED 5 bn sustainability-linked revolving credit facility, lifting total liquidity to AED 38.2 bn, after earlier tapping debt markets twice this year through separate USD 1 bn transactions.