01 April 2018

Two of the largest real estate developers in the UAE – Dubai-based Emaar Properties and Abu Dhabi-based Aldar Properties – have entered into a strategic joint venture to develop projects worth Dh30 billion ($8.17 billion) 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, designed with a focus on people and future lifestyle trends.  It also acts as a catalyst for other potential co-investment opportunities between the developers in Abu Dhabi and Dubai.

UAE Vice President and Prime Minister and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum and Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces HH Sheikh Mohamed bin Zayed Al Nahyan attended the signing of the joint venture agreement.

The masterplanned destination in Abu Dhabi will be situated in the heart of the emirate’s cultural district on Al Saadiyat Island, named Saadiyat Grove. The development is set to become Abu Dhabi’s most coveted address, serving as a hub for visitors to three world-class museums as well as residents of the island. It will provide a pivotal link between the Louvre Abu Dhabi, the planned Zayed National Museum and the Guggenheim Abu Dhabi.

 Set to open in 2021, the mixed-use development will feature close to 2,000 residential units, two world-class hotels, 400 serviced apartments and 130,000 sq m 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 food and beverage (F&B) outlets, beachside play areas, retail pop-ups set along a promenade, and more. Residents of Emaar Beachfront’s approximately 7,000 homes have access to a 1.5-km private sandy beach.

Located off King Salman bin Abdulaziz Al Saud Street between Jumeirah Beach Residence and Palm Jumeirah, Emaar Beachfront has direct access to Sheikh Zayed Road and Dubai Marina. It is near Dubai Harbour, currently under development by Meraas, which will feature a shopping mall, the Middle East’s largest marina with over 1,100 berths, a yacht club, hotels and retail, dining and entertainment attractions.

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