Dubai Holding and Select Group have entered a new agreement to develop projects at Palm Jebel Ali and Dubai Design District (d3).
The deal marks Dubai Holding’s first strategic land sale with a third-party developer at Palm Jebel Ali. The partnership involves Emirates Strategic Investments Company LLC (ESIC) as Select Group’s joint venture partner, the Dubai Media Office said in a statement.
Dubai Holding operates as a diversified global investment company with investments in more than 30 countries, while Select Group functions as a multi-discipline real estate development and investment group.
Select Group will develop two large-scale developments under the agreement. At Palm Jebel Ali, the company will create residential and hospitality offerings for waterfront lifestyles. The d3 project will serve as a mixed-use community that combines culture, innovation and urban living in Dubai’s creative hub.
Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate, said: “Palm Jebel Ali is an iconic development poised to elevate Dubai’s global reputation as a premier waterfront destination. By joining forces with Select Group, we are delivering on the leadership’s vision of creating a world-class coastal destination that sets new standards in luxury residential and hospitality experiences. This partnership reaffirms our commitment to consolidating the emirate’s position as a globally renowned lifestyle and investment destination.”
Rahail Aslam, Chairman of Select Group, added: “Dubai continues to cement its position as a global destination for investment, innovation and quality living. This acquisition represents an important step in our ongoing strategy to deliver exceptional developments in key growth corridors. We are incredibly excited about what we will be bringing to market in both Palm Jebel Ali and d3 – two unique locations that align perfectly with our brand ethos of waterfront location, quality, sophistication and long-term value creation.”
