By Sam Bridge
Construction giant Emaar Development says new JV venture will build new mega project on Dubai-Al Ain Road
Emaar Development, the build-to-sell property development business majority-owned by Emaar Properties, on Thursday said it has entered into a new joint venture for The Valley, an AED25 billion project located on Dubai – Al Ain Road.
The developer didn't give any further details about the project, which will extend the map of Dubai, as it reported net profit of AED2.070 billion ($564 million) for the first nine months of 2019, down from AED2.498 billion in the year-earlier period.
The company also reported 25 percent growth in property sales during sam period, reaching AED12.525 billion ($3.410 billion).
With the company announcing the launch of 19 new residential developments in 2019 with a total project value of AED10.127 billion, the sales backlog stands at AED36.098 billion, underlining strong financial fundamentals and revenue recognition to be accounted in the next three to four years, the company said in a statement.
It said it has handed over approximately 4,700 residential units so far in 2019 at prime locations such as Dubai Hills Estate, Emaar South, Dubai Creek Harbour and Downtown Dubai.
Mohamed Alabbar, chairman of Emaar Development and Emaar Properties, said: “Over the years, Emaar Development has launched properties that deliver on the promise of providing unique living experiences and positioning Dubai as a prime global destination for real estate investments.
"The organisation focuses on customers, the quality of construction, technology, people and strategy for future growth. We aim to offer unique products to today’s home buyers, seeking modern lifestyles with amenities that prioritize health, wellness and a sense of community.”For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.