MAG Group and China’s CITIC Limited have signed a Memorandum of Understanding (MoU) for a new Dhs 22 billion real estate project, marking a significant step in the development of luxury communities in Dubai.
The project, called Keturah Ardh, will span 18.47 million square feet in Al Rowaiyah First District. This agreement represents CITIC Limited’s first major entry into the UAE real estate market.
Major investment in Dubai
The deal brings together two major players: MAG Group, which has a development portfolio estimated at USD 17 billion, and CITIC Limited, which holds total assets exceeding USD 1.67 trillion. CITIC is also one of the world’s largest engineering, procurement, and construction (EPC) contractors.
The development supports Dubai’s 2040 Urban Master Plan and reflects growing interest from international firms in the city’s luxury real estate sector.
Project timeline confirmed
Infrastructure works and site mobilisation are scheduled for completion by Q2 and Q3 2025. The first phase, under the Keturah Ardh Couture Art brand, will launch in Q4 2025. Additional phases will follow through to 2027, with the full project expected to complete within seven years.
Plot sizes will range from 50,000 to 200,000 square feet. The community will feature over 100,000 trees, some as old as 2,200 years, as part of a ‘Life-Scaping’ design approach that integrates nature directly into the built environment.
Moafaq A. Al Gaddah, Founder and Chairman of MAG Group Holding, stated: “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, Chairman of CITIC Limited, said: “Our partnership with MAG Group Holding is built on a strategy of long-term value and genuine collaboration… This inaugural project in Dubai reflects our commitment to providing preliminary services to clients as a precursor to securing EPC contracts.”
Approvals and sustainability goals
The project has received all necessary no-objection certificates (NOCs) from the Dubai Development Authority (DDA), Dubai Municipality, DEWA, and RTA.
In line with international environmental standards, Keturah Ardh is pursuing LEED for Neighbourhood Development (LEED ND) and the WELL Building Standard certifications.
MAG and CITIC are inviting global architects, designers, artists, and fashion brands to contribute to the project. The goal is to blend art, sustainability, and wellness in a future-focused urban setting.
tanvir@dubainewsweek.com
