- 864 residential units and 3,000 sqm of retail to be powered by renewable energy to achieve net-zero
- Construction to commence in Q4 2022 with a 30-month completion target
Abu Dhabi, UAE : Aldar Properties (‘Aldar’) today announced an agreement with Diamond Developers, the mastermind behind The Sustainable City brand, to form a joint venture (JV) for the development 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 sqm 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 sqm of retail.
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.
As a fully sustainable community, The Sustainable City – Yas Island 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.
Jonathan Emery, Chief Executive Officer at Aldar Development, said: “This agreement marks an important milestone in Aldar’s 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. 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.”
Faris Saeed, Chairman of Diamond Developers, 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."
Construction of the AED 1.8 billion project is scheduled to commence in Q4 2022, with a 30-month completion target. The development will complement the diverse residential, retail, and entertainment offerings already available on Yas Island.
For further information, please contact:
Obaid Al Yammahi
+971 2 810 5555
+971 2 234 4600
Aldar Properties PJSC is the leading real estate developer and manager in the UAE with a diversified and sustainable operating model centered around two core businesses: Aldar Development and Aldar Investment.
Aldar Development is a master developer of integrated, liveable, and thriving communities across Abu Dhabi’s most desirable destinations, including Yas Island, Saadiyat Island, Al Raha, and Reem Island. It is responsible for developing Aldar’s c. 65 million sqm land bank and includes three businesses: Aldar Projects, which manages Aldar's fee-based development management business, including AED 45 billion of government housing and infrastructure projects; Aldar Ventures, which incubates and nurtures new business opportunities and innovation areas; and Aldar Egypt, the platform focused on developing mixed-use communities in Egypt.
Aldar Investment houses Aldar’s core asset management business comprising an AED 16 billion portfolio of investment grade and income-generating real estate assets diversified across retail, residential and commercial segments. It also manages three core platforms: Aldar Education, Aldar Estates and Aldar Hospitality and Leisure. Aldar Education includes Aldar’s entire educational portfolio, including Aldar Academies, the leading education group in Abu Dhabi, with 20 schools, over 24,000 students and a growing network of 3,000 educators from over 100 nationalities, offering a wide range of curriculum and ancillary services such as a Teacher Training Academy.
Aldar Estates consolidates Aldar’s Retail Operations alongside existing Residential and Commercial real estate operations within Provis and will further include Community Management under one integrated property management platform. Aldar Hospitality and Leisure looks after Aldar’s portfolio of hotel and leisure assets, which are anchored around Yas Island and Saadiyat. It includes Aldar’s portfolio of 10 hotels, comprising over 2,900 hotel keys and managing operations across golf courses, beach clubs and marinas.
Aldar’s shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.
Aldar is driven by a vision to be a leading real estate developer and manager in the region by playing a key role in the development of quality, comfortable, desirable destinations that people can live in, work at and visit.
For more information on Aldar please visit www.aldar.com
About Diamond Developers:
Founded in 2003, Diamond Developers embodies a fundamental change in the concept of future cities: building and maintaining sustainable, evidence-driven and intelligent, live-work-and-thrive communities with the highest sustainability standards. Their replicable and scalable cities bring forward the 2050 Paris Agreement targets, enhance quality of life, and bring significant in-country value.
Their first working model of future cities, The Sustainable City in Dubai, was designed to cover all social, environmental and economic sustainable strategies, as well as provide a proof-of-concept and testing bed for future technologies and strategies. The project won several awards and recognitions including the ‘Best Real Estate Developer Sustainable Green Development and the ‘Happiest Community in the GCC’ at the Gulf Real Estate Awards (GREA).
Diamond Developers (in partnership with Shurooq), is currently building Sharjah’s first net zero energy community, The Sharjah Sustainable City, and revealed the region’s first Net Zero carbon building ‘SEE Institute’ last year. With more ambitious projects in the pipeline, the company is committed to enabling, empowering, and supporting partners around the world to realize the 2050 global climate targets and build the cities of tomorrow, today.
© Press Release 2022
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