Construction & Real Estate

Aldar in deal to build $489m sustainable city in Abu Dhabi

Leading Abu Dhabi developer Aldar Properties (Aldar) has announced an agreement with UAE-based Diamond Developers for the launch of a fully sustainable and unique community on Abu Dhabi’s Yas Island.
 
The Sustainable City - Yas Island will span an area of 397,000 sq m in Yas North. It will be developed to align with the UAE’s net-zero goals and the highest sustainability standards, comprising 864 townhouses and apartments and 3,000 sq m of retail, said the statement from Aldar.
 
The agreement will enable the company to bring a tested model of sustainable development to Yas Island. 
 
‘The Sustainable City’ branded concept and working model in Dubai was the first fully operational sustainable community in the Middle East and has already proven successful as an intelligent, live-work-and thrive destination that brings forward the 2050 global climate targets.
 
Announcing the new joint venture, Aldar said the sustainable community is being developed at a total cost of AED1.8 billion ($489 million), thus complementing the diverse residential, retail, and entertainment offerings already available on Yas Island.
 
Work is scheduled to begin in Q4 with a 30-month completion target, it stated. 
 
As a fully sustainable community, the Yas Island project will be powered by renewable energy, enabling residents to save up to 100% on energy bills.
 
The masterplan amalgamates green, energy-efficient designs with a people-centric philosophy featuring car-free residential clusters, recycling facilities, and indoor vertical farming. 
 
In addition to residential and retail elements, the development will feature an equestrian centre, a mosque, cycling and jogging tracks, and spacious landscaped areas.
 
Aldar CEO Jonathan Emery said the agreement marks an important milestone in its strategy to accelerate sustainable development in Abu Dhabi. 
 
"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," he noted
 
The development will also provide another new and exciting lifestyle choice for our customers right in the heart of the highly sought after Yas Island.
 
"Diamond Developers has the track record and expertise to deliver high quality sustainable projects and Sustainable City Yas Island will combine the best of Diamond Developers with the best of Aldar. We also expect to use our learnings from this partnership to introduce further sustainable solutions within our current and future developments," noted Emery.
 
Diamond Developers Chairman Faris Saeed said: "The successful replication and rapid growth of sustainable developments around the world depends on partnerships and collaborations between public and private sectors."
 
"We are pleased to join hands with Abu Dhabi's leading developer Aldar, and believe this agreement offers substantive opportunities for the exchange of knowledge. As we work together towards building a more sustainable and prosperous future for the UAE, we pave the way to the evolution of a more sustainable infrastructure and a clear pathway to achieving net-zero," he added.-TradeArabia News Service