Aldar builds $476 million tower complex at site of Dubai Expo
Abu Dhabi’s largest developer is addressing the soaring demand for property that has inflated prices and pushed many to search for cheaper housing
Terra Sustainability Pavilion at Expo2020 (Getty Images)
Three years ago, the pandemic-delayed Expo 2020 drew virtually every country on the planet to set up a pavilion at Dubai’s sprawling fairgrounds.
Now Aldar Properties, Abu Dhabi’s largest real estate developer, is pouring half a billion dollars into the site and catering to the home crowd.
Known these days as Expo City and neighboring the newly expanded Dubai World Central airport, the location will soon sprout six towers filled with luxury apartments, corporate offices and specialty retailers, Aldar said in a statement on Wednesday.
The $476 million project, a joint venture with government-administered Expo City Dubai, will be built on a plot measuring 1.1 million square feet, and managed by Aldar through its completion.
The Expo 2020 site also hosted the COP28 climate conference last year.
Aldar is counting on the soaring demand for property in Dubai that has provided incentive for developers to reach beyond the city’s packed downtown area and led many residents to move to more affordable areas in the UAE.