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Home / Emaar and Aldar to jointly develop Dh30bn worth of projects

Emaar and Aldar to jointly develop Dh30bn worth of projects

Two major UAE-based master property developers, Dubai-based Emaar Properties and Abu Dhabi-based Aldar Properties are partnering in developing Dh30 billion worth of projects, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, made the announcement through social media.

The announcement is a result of a strategic decision taken at the top level. His Highness Sheikh Mohammed Bin Zayed Al Nahyan, Deputy Supreme Commander of the UAE Armed Forces and Crowne Prince of Abu Dhabi, said in social media, “My brother Mohammed bin Rashid and I are delighted to launch a strategic partnership between Aldar and Emaar, consolidating our efforts to enhance the competitiveness of our companies and institutions globally.”

The state-linked developers will co-develop the Emaar Beach Front in Dubai and Saadiyat Island in Abu Dhabi. Emaar Beach Front is a residential artificial island project under development off the coast of Dubai near the palm tree shaped Palm Jumeirah island.

Saadiyat, in Abu Dhabi, hosts branches of the Louvre museum and New York University, and residential and commercial developments.

According to the agreement, signed in Dubai by the two leaders on Tuesday afternoon, Aldar and Emaar will participate in developing two projects, Saadiyat Grove in the heart of the cultural district on Abu Dhabi's Saadiyat Island, and the Emaar Beachfront project, a private island in Dubai located between Jumeirah Beach Residence and Palm Jumeirah.

The joint venture aims at ‘cementing UAE's reputation for creating the world's most innovative developments,’ according to a statement issued by the Dubai Media Office.