Abu Dhabi-listed Aldar Properties announced that it paid 2.5 billion UAE dirhams ($680.64 million) to buy Al Fahid Island, a 3.4 million square metre land bank located between Yas Island and Saadiyat Island, to build a new waterfront development.

The acquisition consideration will be paid over five years, the developer said in a statement published on the Abu Dhabi Securities Exchange.

Al Fahid Island’s gross development value is AED26 billion ($7.08 billion), with the transaction further bolstering Aldar's development strategy.

“This latest land acquisition is a particularly significant one for Aldar as we continue to develop Abu Dhabi’s most strategically located and desirable destinations," stated Talal Al Dhiyebi, group chief executive at Aldar Properties.

The waterfront project is expected to house more than 4,000 residential units, a school, and leisure, retail and hospitality amenities. The sale of the first phase will be launched by 2023-end, the statement said.

(Writing by D Madhura; Editing by Anoop Menon)