Dubai-listed developer Deyaar announced on Thursday that it has signed a Memorandum of Understanding (MOU) with Abu Dhabi-based Arady Properties to jointly develop a residential project on Al Reem Island in Abu Dhabi.

The main aim of the MoU is to outline the commercial objectives for the project, provide a framework for further negotiations between both companies, as well as explore how the project can be developed on a joint ownership basis, Deyaar said in a press statement. 

The MoU will be effective for six months, the statement added.

Saeed Mohammed Al Qatami, CEO of Deyaar, said: "We are delighted to forge this important partnership with Arady Properties as we continue to expand our portfolio of projects in the region to serve clientele beyond Dubai.”

Khaled Al Fahim, Chairman of Arady Properties – PSC, said: Our aim is to develop a residential project in Abu Dhabi that establishes new benchmarks for quality, innovation, and customer-centricity, which Deyaar is known for.”

(Writing by Dennis Daniel; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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