Dubai-based conglomerates MAG Group and CITIC Limited announce AED 22 billion agreement for the 'Keturah Ardh' mega project development in Dubai.
In a groundbreaking collaborative venture, MAG Group and CITIC Limited, a leading Chinese conglomerate, announce a multi-billion-dollar endeavor to revolutionize Dubai's luxury real estate sector. The joint project, Keturah Ardh, claims an impressive AED 22 billion (USD 6 billion) investment and spans over 18.47 million square feet in Dubai's Al Rowaiyah First District.
The ambitious undertaking brings together two financial titans. MAG Group, with a portfolio worth USD 3 billion, ongoing sales of USD 5 billion, and developments estimated at approximately USD 17 billion, pairs with CITIC Limited, which boasts over USD 1.67 trillion in managed assets. This partnership marks CITIC Limited's debut in Dubai's premium property industry.
Slated to contribute significantly to Dubai's 2040 Urban Master Plan, Keturah Ardh's development timeline targets the completion of infrastructure works and full site mobilization by Q2 and Q3 2025. The first phase, under Keturah Ardh Couture Art, is anticipated in Q4 2025, with subsequent phases following through to 2027. The project aims for completion within a timeframe of two to seven years.
Plot sizes within the development range from 50,000 to 200,000 square feet, featuring more than 100,000 trees-some aged between 20 and 2,200 years old. The innovative 'Life-Scaping' design approach integrates nature into the built environment, promoting better air quality and emotional well-being while addressing key concerns for Dubai's urban future.
Moafaq A. Al Gaddah, Founder and Chairman of MAG Group Holding, expressed his excitement about the project, emphasizing MAG's commitment to creating holistic living environments nurturing both physical and emotional well-being. Yang Jianqiang, Chairman of CITIC Limited, highlighted his company's expertise in delivering large-scale, complex projects, crucial for realizing the ambitious vision for Keturah Ardh.
Securing all necessary government no-objection certificates from key regulatory bodies such as the Dubai Development Authority (DDA), Dubai Municipality, Dubai Electricity and Water Authority (DEWA), and Roads and Transport Authority (RTA), the development promises a smooth and efficient process. Additionally, the project plans to collaborate with reputable architects, designers, fashion brands, and artists whose creative vision resonates with the project's forward-thinking ethos.
In line with international environmental standards, Keturah Ardh aims to obtain prestigious certifications like LEED for Neighbourhood Development (LEED ND) and the WELL Building Standard, reinforcing Dubai's commitment to sustainable and future-ready real estate development.
- The collaboration between MAG Group and CITIC Limited in the Keturah Ardh project aims to promote sustainable and future-ready real estate development in Dubai, aligning with international environmental standards.
- The ambitious project, Keturah Ardh, seeks to secure LEED for Neighbourhood Development (LEED ND) and the WELL Building Standard certifications, reaffirming Dubai's commitment to sustainability.
- The joint venture, involving the government regulatory bodies such as the Dubai Development Authority (DDA), Dubai Municipality, Dubai Electricity and Water Authority (DEWA), and Roads and Transport Authority (RTA), ensures a smooth and efficient process for the Keturah Ardh development.
- Reputable architects, designers, fashion brands, and artists will collaborate with MAG Group and CITIC Limited on the Keturah Ardh project, their creative vision resonating with the forward-thinking ethos of the development.
- MAG Group and CITIC Limited's joint venture in the Keturah Ardh project brings together two financial titans, with MAG Group's focus on creating holistic living environments and CITIC Limited's expertise in delivering large-scale, complex projects.
