Abu Dhabi’s AD Ports Group has signed one of many largest land sale agreements within the capital, valued at AED2.47 billion (US$670 million) with Mira Developments.
The land, which kinds a part of the Group’s 16 square-kilometre City Centre Space, is strategically situated alongside the Dubai-Abu Dhabi freeway. Will probably be used for the event of one of many largest mixed-use communities in Abu Dhabi’s Al Mamoura district.
The big-scale, totally built-in neighborhood will likely be constructed over the following decade, with building scheduled to begin inside 12 months.
Captain Mohamed Juma Al Shamsi, Managing Director and Group CEO, AD Ports Group, commented: “This landmark settlement with Mira Developments displays the Group’s dedication to advancing the event of its land portfolio and attracting new funding. The numerous land sale establishes a brand new supply of earnings for the Group, with the proceeds strengthening the corporate’s monetary place by way of debt discount and reinvestment into progress tasks.
“Along with Mira Developments, we’re not merely growing considered one of Abu Dhabi’s largest mixed-use plots, we’re shaping a high-quality, habitable neighborhood that helps financial diversification and delivers lasting financial and social worth for Abu Dhabi.”
The agreement marks a major milestone in AD Ports Group’s journey of progress, reinforcing its place as a diversified, future-focused firm, and highlights its means to draw strategic investments to the Emirate. It unlocks new worth from its intensive land portfolio, accelerating the event of its grasp plan and enabling the redeployment of capital into high-impact infrastructure, logistics, and commerce facilitation tasks.
The mission will characteristic one of many area’s largest procuring malls, together with a enterprise complicated, inns, world-class golf programs, in addition to universities and faculties.
Timur Mamaikhanov, Co-Founder and CEO, Mira Developments, added: “We’re happy to associate with AD Ports Group on this transformative mission. The Al Mamoura web site is an distinctive location, and we’re dedicated to growing a landmark mixed-use neighborhood that can set new requirements for high quality and life-style in Abu Dhabi.
“Our imaginative and prescient is to create a vibrant and dynamic vacation spot that mixes residential, industrial, and leisure services, and this settlement gives the muse to convey that imaginative and prescient to life.”