Abu Dhabi's Aldar Properties said it has agreed a Dh1.2 billion ($326.8 million) join venture deal with Investment Holdings to develop part of its Al-Raha Beach project.

A joint venture company will begin work this year and develop Al-Khubeira precinct, one of five planned precincts at Al-Raha Beach, Aldar said in a statement on the Abu Dhabi bourse Web site.

The district is scheduled for completion in the first quarter of 2011, it said.

Raha Beach, a residential and commercial development along Abu Dhabi's Gulf coast, is one of several projects by Aldar, the second largest developer in the United Arab Emirates. - Reuters