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Abu Dhabi-based property developer ALDAR inks billion dollar golf deal

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Abu Dhabi-based property developer ALDAR signed a $950 million joint venture agreement with Zabeel Investments on Sunday to develop a links golf course on Yas Island.

DONE DEAL: Ahmed Ali Al Sayegh (L) and Mohammed Ali Al Hashimi (R) shake on the new $950mn golf course deal.

The development, which will be constructed only a few hundred meters from the Ferrari Theme Park, is expected to cost 3.5 billion dirhams ($950 million) and will cover an area of approximately 910,000 square meters.

The signing took place during the Abu Dhabi Golf Championship and was carried out by Mohammed Ali Al Hashimi, Executive Chairman, Zabeel Investments, and Ahmed Ali Al Sayegh, Chairman, ALDAR Properties.

“This project represents Zabeel Investments first of many forays into the Abu Dhabi market and is inline with our strategy to partner with renowned developers for future projects,” said Al Hashimi, hinting towards the possibility of further developments.

Construction on the project, to be designed by renowned American golf course architect, Kyle Phillips, will begin in May.

Source:arabianbusiness.com