ALDAR, EMAAR SIGN AED30BN STRATEGIC JOINT VENTURE FOR FUTURE PROJECTS
Dubai-based Emaar Properties and Abu Dhabi-based Aldar Properties have entered into a strategic joint venture (JV) to develop projects worth AED30BN locally and internationally.
The JV has an initial focus on two projects, one in Dubai and another in Abu Dhabi, and brings together the capabilities of the two developers to deliver exceptional destinations. It also acts as a catalyst for other potential co-investment opportunities between the developers in Abu Dhabi and Dubai.
The JV was signed by Mohamed Khalifa Al Mubarak, chairman of Aldar Properties, and Mohamed Alabbar, chairman of Emaar Properties.
Al Mubarak said: “Without a doubt, the JV 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. Together, we have an incredible proposition that will contribute to achieving our national vision and make the UAE an even more exciting place to live and visit.”
Alabbar added: “This JV is a testament to the spirit of partnerships that have contributed to establishing the UAE as a global hub for business and leisure. We are drawing on our proven competencies in delivering high-quality master-planned communities, that have not only redelned lifestyles but also created tremendous economic value for our country. This partnership sends a powerful message that the UAE is at the forefront in shaping global real estate trends, and also signiles the unbreakable bond between the two emirates.”
The master-planned destination in Abu Dhabi will be situated in the emirate’s cultural district on Al Saadiyat Island, named Saadiyat Grove. Set to open in 2021, the mixeduse development will feature close to 2,000 residential units, two world-class hotels, 400 serviced apartments, and 130,000sqm of experiential lifestyle and retail space.
The Dubai project – Emaar Beachfront – is a unique new waterfront destination. The private island will feature a wide range of leisure and lifestyle attractions including F&B outlets, beachside play areas, retail pop-ups set along a promenade, and 7,000 residential units.