Due in 2021, the mixed-use development will have 2,000 residential units, two hotels, 400 serviced apartments and 130,000 square meters of lifestyle and retail space.
Dubai’s Emaar Properties has signed a joint venture partnership with Abu Dhabi’s Aldar, with a target to develop UAE and global real estate projects worth Dhs30bn ($8.18bn).
State media agency WAM announced the deal on Twitter before the deal was confirmed by UAE Vice President and Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum.
He said, “We are happy to witness the signing of this partnership, which will contribute to our development journey and help enhance the UAE’s position as a tourism destination of choice.”
“We have great ambitions and we are confident our national firms have the capabilities to achieve them. We want our companies to be at the forefront of our development and collaborate with each other to explore creative ideas for strengthening the UAE’s leadership, and enhancing the happiness and quality of life of our people.”
The two companies will work together for the two projects i.e. Saadiyat Grove project on Abu Dhabi’s Saadiyat Island and Emaar’s Beachfront island development, which is part of the Dubai Harbour project.
The Saadiyat Grove includes Louvre Museum on Saadiyat Island and other delayed cultural projects including a version of the Guggenheim Museum and a museum dedicated to the UAE’s founder Sheikh Zayed.
Due in 2021, the mixed-use development will have 2,000 residential units, two hotels, 400 serviced apartments and 130,000 square meters of lifestyle and retail space.
Emaar Beachfront has a 1.5km of beach and a variety of food and beverage and retail outlets spread across a series of residential towers with 7,000 units and an Address hotel.
It will also include a shopping mall, the Middle East’s largest marina with 1,100 births, a yacht club and other attractions.
