- CITIC Limited's total assets exceed USD 1.67 trillion
DUBAI, United Arab Emirates--BUSINESS WIRE--
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.
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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/
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