Tawasul
Mubasher TV
Contact Us Advertising   العربية

Aldar Properties forms JV to develop AED 1.8bn fully sustainable community

Aldar Properties forms JV to develop AED 1.8bn fully sustainable community
Photo Archive
Aldar
ALDAR
3.28% 5.36 0.17

Abu Dhabi - Mubasher: Aldar Properties has inked an agreement with Diamond Developers to form a joint venture to develop a fully sustainable community worth AED 1.8 billion on Abu Dhabi’s Yas Island.

Covering an area of 397,000 square metres in Yas North, the Sustainable City-Yas Island comprises 864 townhouses and apartments and 3,000 square metres of retail, according to a press release on Tuesday.

To be powered by renewable energy, this project is in line with the UAE’s net-zero goals and the highest sustainability standards.

To be completed in 30 months, the project's construction is set to commence in the fourth quarter (Q4) of 2022.

The CEO of Aldar Development, Jonathan Emery, said: "The Sustainable City – Yas Island will have all the elements of high-quality sustainable living and will complement our commitment to carbon reduction, in line with the UAE’s Net-Zero by 2050 Strategic Initiative."

Meanwhile, the Chairman of Diamond Developers, Faris Saeed, commented: "The successful replication and rapid growth of sustainable developments around the world depend on partnerships and collaborations between public and private sectors."