MAG GROUP and Citic Limited Sign MoU for USD 6 Billion "Keturah Ardh" Development in Dubai

DUBAI, United Arab Emirates--(BUSINESS WIRE)--May 28, 2025--

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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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

Moafaq A. Al Gaddah, Founder and Chairman of MAG Group Holding and Yang Jianqiang, Chairman of CITIC Limited. (Photo: AETOSWire)

U.S. bobsledder Kris Horn survived a frightening ride down the track in St. Moritz, Switzerland, on Sunday, after his three teammates failed to make it into the four-man sled at the start of a World Cup race.

Horn, the driver, got in first, as is common in bobsled. But his three teammates — Ryan Rager, Hunter Powell and Caleb Furnell — all had trouble getting in, leaving Horn to navigate the course with no other weight in the sled and nobody to pull the brakes at the bottom.

Rager appeared to be the first to stumble, and the domino effect took over from there. Powell appeared to get thrown somewhat violently toward the track wall, hitting his back on the hardpacked icy surface after he couldn't get into the sled, and Furnell couldn't make his way into his spot either. None of the U.S. sliders suffered serious injuries and all X-rays taken came back negative, the team said.

“A little sore,” Powell told The Associated Press. “I should be fine in a couple days.”

Without any weight in the sled, Horn basically careened down the track but still reached a speed of around 75 mph (120 kph) during the run that lasted just over a minute. Horn drove the sled across the finish line, then had the presence of mind to scoot toward the back of the sled and pull the brake handles.

Athletes and coaches from several different national teams rushed to the finish line to ensure that Horn was fine as the sled skidded to a stop; some simply shook his hand and nodded their heads in disbelief. Horn — whose start in bobsledding was as a brakeman, so he knew what to do — waved to the nearby television cameras to show he was OK.

“We are fortunate it wasn't worse,” USA Bobsled head coach Chris Fogt said in a text message.

It was a rough weekend for Horn, who also crashed out of the two-man World Cup race on Saturday. His brakeman for that race, Carsten Vissering, suffered abrasions and was unable to compete on Sunday in the four-man. Rager took Vissering's spot on the four-man sled.

There is one World Cup race weekend left before USA Bobsled and Skeleton picks its team for next month's Milan Cortina Olympics. Horn is expected to be named to the team as one of the men's bobsled drivers, along with Frank Del Duca.

AP Olympics: https://apnews.com/hub/milan-cortina-2026-winter-olympics

Kristopher Horn/ Carsten Vissering of the USA in action during the Men's 2-Bob World Cup, in St. Moritz, Switzerland, Saturday, Jan. 10, 2026. (Mayk Wendt/Keystone via AP)