In a move poised to reshape Dubai’s luxury real estate sector, MAG Group Holding and CITIC Limited, a prominent Chinese state-owned conglomerate, have signed a Memorandum of Understanding (MoU) for a massive $6 billion development named “Keturah Ardh.” This collaboration marks CITIC Limited’s significant entry into Dubai’s premium property market.
The ambitious “Keturah Ardh” project will span an impressive 18.47 million square feet. The signing ceremony brought together Moafaq A. Al Gaddah, Founder and Chairman of MAG Group Holding, and Yang Jianqiang, Chairman of CITIC Limited, highlighting the significance of this partnership between two financial powerhouses. MAG Group Holding boasts a portfolio valued at $3 billion, with ongoing sales worth $5 billion and estimated developments of around $17 billion. CITIC Limited manages total assets exceeding a staggering $1.67 trillion.
The development timeline indicates that infrastructure works and full site mobilization are slated for Q2 and Q3 2025. The first phase, branded under “Keturah Ardh Couture Art,” is expected to debut in Q4 2025, with subsequent phases rolling out through 2027. The entire project is anticipated to be completed within a two to seven-year timeframe.
Notably, plot sizes within the development will range from 50,000 to 200,000 square feet, and the site will feature over 100,000 trees, some aged between 20 and 2,200 years, integrated through an innovative “Life-Scaping” approach.
Moafaq A. Al Gaddah commented, “Keturah Ardh exemplifies what the future of living in Dubai should look like. Our aim is to create a place where people feel deeply connected to their surroundings, with nature and community embedded into daily life.”
Yang Jianqiang added, “Our partnership with MAG Group Holding is built on a strategy of long-term value and genuine collaboration. By leveraging CITIC Limited’s wealth of expertise… we want to shape a destination that welcomes all generations and sets new benchmarks for sustainability in the region.”
The project is also actively pursuing prestigious sustainability certifications like LEED ND and the WELL Building Standard, underscoring Dubai’s commitment to environmentally conscious developments.
Key Highlights:
- MAG Group and CITIC Limited have signed a $6 billion deal to develop the “Keturah Ardh” project in Dubai.
- The project will span 18.47 million square feet and marks CITIC Limited’s first major foray into Dubai’s luxury real estate market.
- “Keturah Ardh” will focus on integrating nature with living spaces through a “Life-Scaping” approach and aims for sustainability certifications.
- The development will be rolled out in phases, with the first phase expected in Q4 2025 and full completion within two to seven years.