Aldar Properties has signed a strategic agreement with Abu Dhabi Investment House (ADIH) for setting up a new joint venture to develop a cluster within Al Raha Beach.

The new joint venture will initially focus on Al Remila part of phase II of Al Raha Beach, according to a top Aldar official.

Mohammed Al Mubarak, chief commercial officer of Aldar Properties, said the agreement demonstrated the appetite in Al Raha Beach and in the development of sustainable communities throughout Abu Dhabi.

'We are excited to be working together with Abu Dhabi Investment House and look forward to a long partnership,' he added.

Fawaz Ali Al Jowder, the chief executive officer of Abu Dhabi Investment House, says 'We are delighted to have signed this MOU with Aldar. We share common values and are both focused on the successful development of Abu Dhabi.'-TradeArabia News Service