Emaar to develop section of new Daxing airport in Beijing in project worth Dh40.5bn
Emaar Properties will develop 10 per cent of the total land area of Beijing’s new Daxing International Airport with residential and leisure facilities, a project worth Dh40.5 billion, state news agency Wam reported yesterday.
China will displace the US as the world’s largest aviation market in the mid-2020s, with air passenger volume reaching 1.6 billion by 2037, according to a forecast by the International Air Transport Association. At present, China is the second-largest civil aviation market. In May, Emaar signed a preliminary agreement with Beijing New Aeropolis Holdings to jointly develop a business and tourism complex at Daxing integrating retail, entertainment, office, hotel, convention and leisure space within the Aero-Economic Area of the new airport.
It is being built to handle 120 million passengers per year, which could make it the busiest in the world.
The project will cover 5 square kilometres of the 50 sq km airport and is expected to be completed in 10 years.
“This agreement is the beginning of opening new opportunities in the Chinese market, which is the largest in the world,” said Mohamed Alabbar, chairman of Emaar Properties.
He also said Emaar will open an office in Beijing with the aim of enhancing the company’s business activities in China.
The announcements come as Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, visits China to boost trade and economic relations between the two countries.
Emaar Properties reported a 7 per cent year-on-year rise in profit in the first three months of 2019 on the back of strong growth in international sales.
Net income for the three months to the end of March climbed to Dh1.74bn, the company said in a regulatory filing to the Dubai Financial Market, where its shares trade. Revenue for the reporting quarter was flat at Dh5.89bn.
China will displace the US as the world’s largest aviation market, with air passenger volume at 1.6 billion by 2037