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Abu Dhabi developer Aldar has announced an AED 1.75 billion ($476 million) joint venture with Expo City Dubai as part of Expo City’s recently announced development masterplan.
The six-building project next to Dubai Exhibition Centre will be developed by the 50:50 JV and will include residential, office and retail space, a bourse filing said.
Abu Dhabi Securities Exchange (ADX)-listed Aldar will be responsible for the asset management of the completed development.
Last year, Aldar announced a JV with Dubai Holding to develop residential communities and has also announced developing a logistics park with Dubai ports and logistics company DP World, as well as an office project in Dubai International Finance Centre (DIFC).
(Writing by Imogen Lillywhite; editing by Seban Scaria)
