CMS advises Aldar on AED 38bn expansion of strategic joint venture with Dubai Holding
CMS has advised Aldar, the leading Abu Dhabi-based real estate developer, on the expansion of its strategic joint venture with Dubai Holding. The transaction adds two landmark development sites in Dubai with a combined gross development value exceeding AED 38bn.
The next phase of the partnership will deliver almost 14,000 new homes across two flagship locations. The first is a large-scale, family-focused community along Dubai's eastern growth corridor, situated opposite Nad Al Sheba. The second is an ultra-luxury waterfront destination at Palm Jebel Ali, one of Dubai's most significant new masterplan locations.
Palm Jebel Ali forms a core component of the Dubai 2040 Urban Master Plan and will anchor a major new coastal growth corridor, setting a new benchmark in waterfront living.
The transaction builds on the successful 2023 joint venture between Aldar and Dubai Holding, on which CMS also advised Aldar. The partnership has already delivered three master communities in Dubai: Haven, Athlon, and The Wilds. This latest expansion further strengthens Aldar's long-term growth strategy in Dubai.
Commenting on the transaction, John O’Connor, Corporate Partner at CMS UAE, said: “We’re delighted to have supported Aldar on this landmark transaction, which represents a significant milestone in the UAE real estate market. The expansion of the joint venture with Dubai Holding, particularly the development at Palm Jebel Ali, underscores the scale of ambition driving Dubai's growth. We’re proud to continue our long-standing relationship with Aldar and to play a part in shaping some of the region's most transformative projects.”
The CMS team was led by John O’Connor and David Lee Lewes, and included Louise Gunn (Corporate); Geoff Smith and Andras Klupacs (Real Estate); and Nicholas Robinson (Finance).
