Dubai – Two of the United Arab Emirates’ leading real estate developers announced this Tuesday (20) that they have entered into a joint venture. Abu Dhabi’s Aldar Properties and Dubai’s Emaar Properties will work together on major projects. The agreement was signed by Aldar and Emaar CEOs Mohamed Khalifa Al Mubarak and Mohamed Alabbar, Emirates News Agency (WAM) reported.
“Without a doubt, the joint venture will expand the country’s portfolio of iconic real estate projects and there is no limit to the development possibilities created by the partnership between Aldar and Emaar,” WAM quoted Mubarak as saying. “This joint venture is a strong testament to the spirit of partnerships that have contributed to establishing the UAE as a global hub for business and leisure,” Alabbar said.
The partnership will initially focus on two projects, one in each emirate. The Abu Dhabi Project will be set in Saadiyat Island, where o Louvre Abu Dhabi is. Dubbed Saadiyat Grove, it will comprise 2,000 residential units, two hotels, 400 serviced apartments and 130,000 sqm worth of ‘experiential lifestyle’ and retail space. Its launch is expected to take place in 2021.
The Dubai project, Emaar Beachfront, is an island featuring a wide variety of leisure, food and retail options, plus 7,000 residential units. Overall, the newly formed joint venture will roll out AED 30 billion (USD 8.2 billion) worth of projects in and out of the UAE.
The agreement signing ceremony was attended by UAE prime minister and vice president and Dubai emir Mohammed Bin Rashid Al Maktoum and by Abu Dhabi heir prince and deputy supreme commander of the UAE Armed Forces Mohamed Bin Zayed Al Nahyan.
