MAG GROUP AND CITIC LIMITED SIGN MOU FOR AED 22 BILLION "KETURAH ARDH" DEVELOPMENT IN DUBAI

In a landmark move poised to significantly shape Dubai's luxury real estate landscape, MAG Group and CITIC Limited, one of China's largest state-owned conglomerates and a global leader in engineering, procurement, and construction (EPC), have announced the signing of a Memorandum of Understanding (MoU) for the development of Keturah Ardh — a visionary AED 22 billion (USD 6 billion) project spanning 18.47 million square feet in the Al Rowaiyah First District of Dubai. 

The signing ceremony brought together two financial powerhouses: MAG Group Holding, with a portfolio valued at USD 3 billion, ongoing sales worth USD 5 billion, and developments estimated at approximately USD 17 billion; and CITIC Limited, which manages total assets exceeding USD 1.67 trillion. This collaboration, marking CITIC Limited's first major entry into Dubai's premium real estate sector, aligns closely with Dubai's ambitious 2040 Urban Master Plan, further reinforcing the emirate's position as a global hub for innovative real estate development.

The development timeline outlines the completion of infrastructure works and full site mobilisation by Q2 and Q3 2025. The first phase, launched under the Keturah Ardh Couture Art brand, will debut in Q4 2025. The second phase is expected in Q1 2026, with subsequent phases rolled out through to 2027. The project is expected to be completed within a two- to seven-year timeframe.

Plot sizes within the development will range from 50,000 to 200,000 square feet, and the site will feature more than 100,000 trees—aging between 20 and 2,200 years—brought together through an innovative 'Life-Scaping' approach. This design philosophy integrates nature as an inseparable element of the built environment, significantly enhancing air quality and emotional well-being, while addressing key concerns for Dubai's urban future. 

In his comments, Moafaq A. Al Gaddah, Founder and Chairman of MAG Group Holding, said: "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. This partnership with CITIC Limited represents a powerful alliance that will deliver exceptional value while setting new benchmarks for sustainable luxury developments in the UAE and beyond."

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. By leveraging CITIC Limited's wealth of expertise in advanced manufacturing, innovative materials, sustainable infrastructure, and real estate, we want to shape a destination that welcomes all generations and sets new benchmarks for sustainability in the region. This inaugural project in Dubai reflects our commitment to providing preliminary services to clients as a precursor to securing EPC contracts, using EPC contracts to drive related industry development." 

As one of the world's largest EPC contractors with extensive global operations in over 160 countries, CITIC Limited brings unparalleled expertise in delivering complex, large-scale projects. The company's proven track record in infrastructure development and construction excellence will be instrumental in realizing the ambitious vision for Keturah Ardh.

Keturah Ardh is poised to redefine the future of urban living by seamlessly blending art, wellness, and sustainability into every layer of its community design. The project reflects MAG Group Holding's commitment to creating holistic living environments that nurture both physical and emotional well-being.

The project has secured all necessary government no-objection certificates (NOCs) from key regulatory bodies, including the Dubai Development Authority (DDA), Dubai Municipality, Dubai Electricity and Water Authority (DEWA), and Roads and Transport Authority (RTA), ensuring a smooth and efficient development process.

The development also invites collaboration with leading architects, designers, fashion brands, and artists whose creative vision aligns with the project's forward-thinking ethos.

In line with international environmental standards, the project is actively pursuing prestigious certifications such as LEED for Neighbourhood Development (LEED ND) and the WELL Building Standard—underscoring Dubai's commitment to sustainable and future-ready development.