Abu Dhabi-Dubai gap draws billion dollar projects

Aldar, the capital’s biggest developer, and Sharjah’s Arada formed a 15 billion dirham ($4.1 billion) partnership. The 80-kilometer stretch between Abu Dhabi and Dubai — a barren expanse of farms, factories, warehouses, and not much else — is now drawing multibillion-dollar property projects. Aldar, the capital’s biggest developer, and Sharjah’s Arada formed a 15 billion dirham ($4.1 billion) partnership whose centerpiece is a villa and townhouse community in Seih Sdeirah, on the border between the two emirates. Arada is also buying three Yas Island plots in its first move into Abu Dhabi. The new project joins others along the strip that may eventually form a megalopolis in the coming decades. Last year, AD Ports and a Dubai developer partnered to build a 2.47 billion dirham mixed-use community, including housing, hotels, golf courses, schools and, of course, a mall. Egyptian billionaire Naguib Sawiris is also planning a $10 billion project along the border of the two emirates.