MAG GROUP and Citic Limited Sign MoU for USD 6 Billion "Keturah Ardh" Development in Dubai
CITIC Limited's total assets exceed USD 1.67 trillion
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, have announced the signing of a Memorandum of Understanding (MoU) for the development of Keturah Ardh — a visionary USD 6 billion project spanning 18.47 million square feet in the Al Rowaiyah First District of Dubai.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250527056617/en/
Moafaq A. Al Gaddah, Founder and Chairman of MAG Group Holding and Yang Jianqiang, Chairman of CITIC Limited. (Photo: AETOSWire)
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 marks CITIC Limited's first major entry into Dubai's premium real estate sector.
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.
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."
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."
In line with international environmental standards, the project is actively pursuing prestigious certifications such as LEED ND and the WELL Building Standard—underscoring Dubai's commitment to sustainable and future-ready developments.
Source: AETOSWire
View source version on businesswire.com: https://www.businesswire.com/news/home/20250527056617/en/
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Access Advance Announces HEVC Advance and VVC Advance Pricing through 203022.7.2025 02:00:00 CEST | Press release
Access Advance LLC (“Advance”) today announced the results of several significant decisions by the Licensors in both the HEVC Advance and VVC Advance Patent Pools. Both patent pools opted to maintain their current royalty rates and caps for Licensees who sign before December 31, 2025, and to extend an incentive that aligns the royalty caps for Advance’s Multi-Codec Bridging Agreement (“MCBA”) and the VVC Advance Patent Pool for Licensees who sign the MCBA during the same period. The result is that Licensees who join the HEVC Advance program, gaining access to more than 27,000 patents, on or before December 31, 2025, can lock in current rates and caps through 2030. This protection applies both to ongoing royalty obligations and calculation of royalties due for past sales. Additionally, both current and new HEVC Advance Licensees who join the VVC Advance Patent Pool and execute the MCBA by December 31, 2025, will enjoy MCBA royalty caps that match the royalty caps for the VVC Advance pro
Andersen Consulting tilføjer ekspertise inden for markedsadgang med Prime Action i Brasilien22.7.2025 00:50:00 CEST | Pressemeddelelse
Andersen Consulting styrker sin kapacitet i Latinamerika med tilføjelsen af samarbejdsfirmaet Prime Action Consulting, et firma med speciale i markedsadgangsstrategi og channel management inden for bil-, landbrugs-, bank-, medicinal- og telekommunikationssektoren. Prime Action leverer komplette kommercielle konsulenttjenester for at hjælpe organisationer med at optimere deres go-to-market-strategier og forbedre resultaterne på tværs af salgs- og distributionskanaler. Firmaets tilbud omfatter markedsadgangsstrategi, intelligent channel management, udarbejdelse af handels- og distributionspolitik, kanaludviklingstjenester og uddannelse, som alle er designet til at skabe effektivitet og kundetilpasning gennem strukturerede processer, standarder og målrettet eksekvering. Prime Action arbejder med førende virksomheder i hele Latinamerika og følger ikke blot kunderne fra planlægning til implementering, men også efter implementeringen, hvor de tilbyder relevant uddannelse og evaluering for at
MayMaan Launches Engine Integration Program to Accelerate Clean Combustion Deployment and Market Adoption21.7.2025 19:34:00 CEST | Press release
Company unveils a comprehensive framework to empower manufacturers, OEMs, distributors and service partners with drop-in clean combustion solutions MayMaan, a scale-up innovator, transforming combustion technology, is announcing a robust and scalable partnership model to support the transition to more efficient power systems across global industries whilst cutting harmful emissions such as NOx and SOx to levels that are practically immeasurable. At the heart of MayMaan’s offering is its proprietary AquaStroke® technology, which runs on a revolutionary 70% water and 30% ethanol fuel blend. This patented system delivers high torque and reliability while dramatically reducing emissions—offering a compelling alternative to diesel engines and electrification overhauls. “Our technology is more than a breakthrough—it’s a platform designed to help others succeed,” said Doron Shmueli, Founder and CEO at MayMaan. “From manufacturers to distributors, we provide a full solution—ready to integrate,
Armis Named a Leader in Unified Vulnerability Management Solutions, Q3 2025 Evaluation21.7.2025 17:25:00 CEST | Press release
Company achieved the highest score of all providers for its Current Offering Armis, the cyber exposure management & security company, today announced that it has been named a Leader in The Forrester Wave™: Unified Vulnerability Management Solutions, Q3 2025. In this Forrester Wave™, Armis is ranked a Leader and achieved the highest score in the Current Offering category. According to the report, “Armis’ strategy is grounded in proactive security principles… Armis is an excellent fit for either beginner organizations starting their proactive security journey or mature organizations that need leading vulnerability response capabilities.” “I believe Armis stood out as a Leader because Armis CentrixTM is different – it’s a platform built to help organizations reduce cyber risk, not just report on it,” said Yevgeny Dibrov, CEO and Co-Founder of Armis. “We are redefining what security should look like in a connected world, helping organizations move from passive defense to proactive control
DevvStream Completes $10M Initial Funding to Launch $300M Asset-Backed Digital Infrastructure and Sustainability Strategy21.7.2025 17:00:00 CEST | Press release
DevvStream Corp. (Nasdaq: DEVS) (“DevvStream” or the “Company”), a leading carbon management firm specializing in the development, investment, and sale of environmental assets, today announced that it has entered into a securities purchase agreement for the issuance of up to (US)$300 million in senior secured convertible notes (“Senior Notes”), advancing its strategic initiative to build a blockchain-based treasury and launch a tokenization platform for sustainability-linked infrastructure. The securities purchase agreement provides for the issuance of up to (US)$300 million in Senior Notes with Helena Partners, which issuances will be funded in multiple tranches. An initial funding of (US)$10 million was completed on July 18, 2025. Key Highlights: Under the agreement, DevvStream will allocate 75% of the net proceeds (70% of the initial tranche) toward the purchase of liquid digital assets that offer 24/7 liquidity, serve as non-correlated stores of value, and may be used as collateral
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom