Deyaar, Arady Properties, ink agreement for new residential project in Abu Dhabi

Deyaar, Arady Properties, ink agreement for new residential project in Abu Dhabi

Dubai, UAE: Deyaar Development PJSC ("Deyaar"), one of the leading real estate developers and service providers in Dubai, the United Arab Emirates (UAE), and Arady Properties – PSC, an Abu Dhabi-based real estate company, have signed a Memorandum of Understanding with an aim to establish a joint development project at 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. The agreement was formalized through a memorandum of understanding (MoU) signed by Saeed Al Qatami, CEO of Deyaar and Khalifa Alzaabi, Managing Director of Arady Properties – PSC. Commenting on the agreement, 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. As part of these efforts, we have been collaborating with different partners to ensure that every project we choose meets the expectations of our valued customers and shareholders. A crucial step in this plan involves carefully selecting strategic