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Abu Dhabi-listed Aldar Properties is set to unveil the Al Fahid Island project this year, which has a gross development value of 26 billion UAE dirhams ($7.08 billion), the developer said in its 2023 annual report.
The 3.4 million square metres island, acquired for AED2.5 billion in early 2023, is a significant addition to the developer’s near-term development pipeline.
The island is located adjacent to the Sheikh Khalifa bin Zayed Highway, connecting Yas Island and Saadiyat Island.
About 4,000 homes are planned on the island, ranging from apartments and townhouses to ultra-luxury beach and mangrove villas. The island also includes community facilities, a school, retail and hospitality offerings.
Meanwhile, redevelopment is underway at Al Hamra Mall in Ras Al Khaimah, which was acquired in February 2022. The project is being rolled out in phases and is set for completion this year.
According to the report, Aldar Education will continue to expand in the emirate in 2024 by establishing Noya British Academy, Yasmina British Academy and a new school on Saadiyat Island.
(Writing by P Deol; Editing by Anoop Menon)
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