Features Quick Hits The Daily Circuit SWFs Org Charts
Search

Aldar builds $476 million tower complex at site of Dubai Expo

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.

Work begins on new homes at Dubai’s first ’15-minute city’

Work has started on the first homes being built at the site of Dubai’s Expo City, which is expected to become the UAE’s first “15-minute city.”

The planning concept, which has become popular in global discussions about better urban design in recent years, essentially means all the amenities of daily life will be located in close enough proximity to be accessed on foot or by bicycle.

Expo City Dubai authorities say the first apartments, which will have views of Expo landmarks including Al Wasl Plaza, are expected to be handed over in Q1 2026.

The development, Mangrove Residences, has already sold out, with prices starting at AED 2 million ($544,590) for a one-bedroom apartment.