Dubai Holding and Select Group, a leading multi-discipline real estate development and investment group along with its long-standing JV partner Emirates Strategic Investments Company (ESIC), have entered a strategic agreement to develop landmark projects at two of the most iconic locations in Dubai, Palm Jebel Ali and Dubai Design District (d3).
The milestone agreement marks Dubai Holding’s first strategic land sale with a third-party developer at Palm Jebel Ali, underscoring its commitment to unlocking long-term value across its world-class master developments. This landmark transaction reinforces a shared vision to create dynamic communities that strengthen Dubai’s position as a global destination of choice.
Select Group will develop and deliver two transformative large-scale developments. At Palm Jebel Ali, the Group will create upscale residential and hospitality offerings that establish new benchmarks for luxury waterfront lifestyles in this world-class destination.
Meanwhile, the d3 project will serve as a vibrant mixed-use community, seamlessly blending culture, innovation and contemporary urban living in one of Dubai’s most creative hubs.
Commenting on the partnership, Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate, said, “Palm Jebel Ali is an iconic development poised to elevate Dubai’s global reputation as a premier waterfront destination.
By joining forces with Select Group, we are delivering on the leadership’s vision of creating a world-class coastal destination that sets new standards in luxury residential and hospitality experiences. This partnership reaffirms our commitment to consolidating the emirate’s position as a globally renowned lifestyle and investment destination.”
Rahail Aslam, Chairman of Select Group, added, “Dubai continues to cement its position as a global destination for investment, innovation, and quality living. This acquisition represents an important step in our ongoing strategy to deliver exceptional developments in key growth corridors. We are incredibly excited about what we will be bringing to market in both Palm Jebel Ali and d3 – two unique locations that align perfectly with our brand ethos of waterfront location, quality, sophistication and long-term value creation.”
In March, 2025 National Central Cooling Company (Tabreed) and Dubai Holding Investments, part of Dubai Holding, have entered a concession agreement to provide district cooling services for Palm Jebel Ali in Dubai. The agreement establishes a joint venture, with Tabreed holding a 51 per cent stake and Dubai Holding Investments 49 per cent. This structure is designed to optimise cooling capacity, enhance information-sharing and strengthen customer protection, while ensuring sustainable cooling solutions for one of Dubai’s most transformative developments.
Supported by Tabreed’s major shareholders, sovereign investor Mubadala (42 per cent) and the French low-carbon energy and services company ENGIE (40 per cent), the agreement was signed by Khalid Al Marzooqi, CEO of Tabreed, and Omar Karim, CEO of Dubai Holding Investments, in the presence of senior officials from Tabreed, Dubai Holding, Mubadala and ENGIE.
Subject to customary approvals, construction of the district cooling network is expected to commence in Q2 2025, with the first cooling services expected to be delivered by 2027.
Over time, the system will address the need for approximately 250,000 RTs of cooling capacity and require an estimated investment of Dhs1.5 billion.
Following the signing, Dr. Bakheet Al Katheeri, Chairman of Tabreed and Chief Executive Officer of Mubadala’s UAE Investments Platform, said, “Mubadala has a worldwide reputation for being a responsible investor with an unwavering focus on its ESG framework and Tabreed is a vital part of our portfolio as a driver of sustainability and societal progress.
The signing marks a major milestone in Tabreed’s 27-year history and underscores the company’s commitment to providing sustainable, high-efficiency cooling solutions for large-scale developments.”
Karim commented, “This agreement reinforces Dubai Holding’s long-term vision of developing sustainable communities with high-quality infrastructure at their core. Palm Jebel Ali is one of Dubai’s most ambitious developments and by incorporating district cooling services we support our customers and align to our commitment to deliver future-ready urban environments.”
In turn, Al Marzooqi said, “Palm Jebel Ali is a transformative project that will shape Dubai’s future and we are proud to play a role in ensuring its infrastructure meets world-class standards.”
Earlier in May 2025 Dubai Holding, a diversified global investment company with investments in more than 30 countries, has announced the launch of its Early Careers Programme, a future-focused initiative designed to attract, nurture and accelerate high-potential talent.
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