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.

Construction BusinessNews Middle East - - Update -

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.

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