IT’S A DEAL:
Sheikh Mohammed bin Rashid and Sheikh Mohamed bin Zayed watch as Aldar chairman Mohamed Khalifa Al Mubarak and Emaar chairman Mohamed Alabbar exchange the JV agreement after the signing ceremony. —
We have great ambitions and we are confident our national firms have the capabilities to achieve them Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai
dubai — The UAE’s two major developers Emaar and Aldar have joined hands to launch massive Dh30 billion worth of iconic and lifestyle projects locally and internationally.
The two developers will also initially jointly develop Emaar Beach Front in Dubai and Saadiyat Grove at Saadiyat Island in Abu Dhabi. This is the largest cross-emirate joint venture announced in the UAE’s real estate sector which will reshape the UAE’s skyline and further strengthen the UAE’s status as a major tourism destination.
Going forward, the two master developers will jointly develop residential, commercial, retail, leisure and entertainment projects. His Highness Sheikh Mohammed bin Rashid Al Maktoum, VicePresident and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, attended the announcement of the joint venture.
“We have great ambitions and we are confident our national firms have the capabilities to achieve them. We want our companies to be at the forefront of our development and collaborate with each other to explore creative ideas for strengthening the UAE’s leadership, and enhancing the happiness