Deyaar Development, one of the leading real estate developers and service providers in Dubai, and Arady Properties have signed a Memorandum of Understanding (MoU) in order to establish a joint development project at Al Reem Island in Abu Dhabi.
The main aim of the MoU is to outline the commercial objectives for the project, provide a framework for further negotiations between both companies, as well as explore how the project can be developed on a joint ownership basis.
The agreement was signed by Mr. Saeed Al Qatami, CEO of Deyaar, and Mr. Khalifa Alzaabi, Managing Director of Arady Properties, an Abu Dhabi-based real estate company.
The MoU marks a significant step in a promising collaboration between Deyaar and Arady Properties with a shared vision of utilizing decades of expertise in establishing a residential project in Abu Dhabi.
Following the MoU, both companies aim to enter into a mutually acceptable joint venture shareholders’ agreement to pursue the project’s development, financing, construction, and sales, as per the statement.
For his part, Mr. Al Fahim said that, “We are excited to embark on this collaboration with Deyaar, a prominent name in the real-estate sector. We aim to develop a residential project in Abu Dhabi that establishes new benchmarks for quality, innovation, and customer-centricity, which Deyaar is known for. I am confident that this MoU will give us positive directions where we can combine our expertise to significantly contribute to the growth and development of Abu Dhabi’s real estate scene, providing distinctive and compelling residential options for both local and foreign customers.”