Aldar to build 9,000 ‘affordable’ units for leasing in Abu Dhabi

Aldar Properties will develop thousands of “affordable” residential units in Abu Dhabi to bolster its develop-to-hold pipeline.

The 9,000 units will be part of two integrated communities in Mohamed bin Zayed City (MBZ City) and Baniyas, which are being developed in partnership with Abu Dhabi’s Department of Municipalities and Transport (DMT), the UAE state-run Wam news agency reported.

Under a “value housing programme”, Aldar will lead the development, leasing and management of the communities, with DMT granting long-term leasing rights over the land.

The gross development value of the new properties is estimated at AED2.8 billion ($762 million). The projects will increase Aldar’s develop-to-hold pipeline to AED20.1 billion, including residential rentals on Yas Island and in Al Shamkha.

No details on the rentals were given.

Ahmed Fadhel Almehairbi, director-general of DMT, said the partnership with Aldar advances the objectives of delivering high-quality, affordable homes that meet the needs of families and individuals.

Jassem Saleh Busaibe, CEO of Aldar Investment, said there is a significant need for new homes that cater to a broad range of demographics in the emirate as the population continues to grow.

“Our collaboration with DMT will ensure thousands of quality rental homes come to the market in well-connected and amenity-rich communities,” he said.

Located in Baniyas along the Abu Dhabi-Al Ain highway, the first development will comprise over 30 residential buildings offering a mix of residential units, retail spaces, recreational amenities and open green areas.

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The second project will deliver a mixed-use residential community in MBZ City. 

The two projects are due for completion in 2029, the statement said.

Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the emirate’s crown prince, said in September that Abu Dhabi will invest AED42 billion in projects that aim to enhance the quality of life for residents.

In July last year the UAE announced a federal budget allocation of AED900 billion for 2027-29. 

Aldar was listed on the Abu Dhabi Securities Exchange in 2005. Abu Dhabi conglomerate International Holding Company owns 33.61 percent of Aldar, according to its 2024 annual report.