Two of the UAE’s leading property developers are set to join forces to build the next era of iconic projects that will shape the country’s skyline.
Dubai’s Emaar Properties and Abu Dhabi’s Aldar Properties will form a joint venture with a targeted project pipeline of AED 30bn and an initial focus on two projects – Emaar Beachfront in Dubai and Aldar’s Saadiyat Grove in Abu Dhabi.
This is the first example of leading developers from Dubai and Abu Dhabi and it is hoped the move acts as a catalyst for other potential co-investment opportunities between the developers from the two emirates, according to a statement issued by the Government of Dubai Media Office.
The signing was overseen on Tuesday by vice president and prime minister of the UAE and ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum and Crown Prince of Abu Dhabi and deputy supreme commander of the UAE armed forces His Highness Sheikh Mohamed bin Zayed Al Nahyan.
Sheikh Mohammed bin Rashid highlighted the importance of cooperation between the UAE’s two leading developers. “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,” he said.
“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.”
His Highness Sheikh Mohamed bin Zayed said the partnership aims to create new opportunities for investment growth, and identify innovative projects that can enhance the UAE’s leadership and competitiveness.
The joint venture was signed by His Excellency Mohamed Khalifa Al Mubarak, chairman of Aldar Properties, and His Excellency Mohamed Alabbar, chairman of Emaar Properties.
His Excellency Mohamed Khalifa Al Mubarak said: “Without doubt, the joint venture will expand the country’s portfolio of iconic real estate projects and there is no limit to the development possibilities created by the JV partnership between Aldar and Emaar.
“Individually, we have developed some of the world’s most awe-inspiring buildings and 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.”
His Excellency Mohamed Alabbar added: “This joint venture is a strong testament to the spirit of partnerships that have contributed to establishing the UAE as a global hub for business and leisure. The world-class lifestyle destinations that we develop will add to the civic pride of the nation, and further enhance its appeal as an investment and lifestyle destination.
“We are drawing on our proven competencies in delivering high quality master-planned communities that have not only redefined 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 signifies the unbreakable bond between the two emirates.”
Initial focus on two projects
Saadiyat Grove in Abu Dhabi will be situated in the heart of the cultural district on Al Saadiyat Island, a hub for visitors to three world-class museums as well as residents of the island.
The development will provide a pivotal link between the Louvre Abu Dhabi, which opened in November 2017, as well as 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 square metres lifestyle and retail space.
The second project, Emaar Beachfront, will be built on a private island between Dubai Marina and The Palm Jumeirah.
It will feature a row of towers with 7,000 residential units, a wide range of leisure and lifestyle attractions and a 1.5 km private beach.
IMAGE: Government of Dubai Media Office