Real estate firms will work together to develop local and international projects
Emaar Properties and Aldar Properties, the UAE's largest developers, on Tuesday announced an alliance reportedly worth AED30 billion ($8.1 billion).
The real estate giants will work together to develop projects locally and internationally.
Senior royals tweeted the news on Tuesday with Sheikh Mohammed bin Zayed, Abu Dhabi's Crown Prince, saying: “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."
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, also tweeted that the alliance will "launch local and global urban destinations worth AED30 billion".
Initially, Aldar and Emaar will develop two projects - Saadiyat Grove on Abu Dhabi's Saadiyat Island and the Emaar Beachfront project, a private island in Dubai.
Mohamed Khalifa Al Mubarak, chairman of Aldar, 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.”
Emaar chairman 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.”